This deal has ended.
2nd Update: The deal is dead! This is already sold out. Note that the rebate is an "upgrade rebate," however one of the eligible upgrades is Google Picasa which is free, still netting you the full $20 rebate. Today only, Newegg has Adobe Photoshop Elements 7 on sale for just $29.99 after this $20 mail-in rebate. This is easily the lowest price available for the popular program, which is currently $95 at TheNerds.net. Plus, shipping is free and there is no sales tax (except CA, TN, NJ).