Adobe Photoshop Elements 4.0 A to Z: Tools and Features Illustrated Ready Reference

Menu: -
Shortcut: V (in Photomerge)
OS: Mac, Windows
Version: 1, 2, 3, 4
See also: Photomerge

When editing a panorama in Photomerge with the Perspective option selected, you can change the vanishing point from the default middle picture to any of the other source photos in the composition.
With a Photomerge composition open select the Perspective option from the settings on the right of the dialog (1). Next select the Vanishing Point tool (2) and click onto the picture in the composition to use as the new vanishing point. This photo will now be used as the basis for perspective in the panorama.
There can only be one vanishing point in any Photomerge composition and the Vanishing Point tool only works with compositions that cover less than 120 of the view.
Menu: Enhance > Variations
Shortcut: -
OS: Mac, Windows
Version: 1
See also: Color Variations (vers 2.0, 3.0)

This Variations feature first appeared in version 1.0 of Elements and now has become Color Variations.
It was based on a color wheel, which was made up of the primary colors red, green and blue, and their complementary colors cyan, magenta and yellow. Increasing the amount of one color in an image automatically decreases its complementary. Put simply, increasing red will decrease cyan, increasing green will reduce magenta and increasing blue will lessen yellow.
The feature is primarily used for reducing color casts in digital photos.