Right, got my 5D MK III now

Awesome..naturally.
I went for LR4 in the end. From most replies here I think that was the right choice. Haven't yet installed and set it up yet. My question is after I've processed my photos in LR, I may want to do further editing in Photoshop Elements. As I said in my opening post I have Elements 8. Am I right in thinking that since my raw files are 5D MK III that I won't be able to pass them over to Elements 8 editor, and that I'll need to get either Elements 10 or 11 which support the 5D MK III? Or will LR be able to convert to PSD and open them as such in Elements 8 without issue?
Also while I'm posting...any opinions on the new version 11 of Elements?