Application: Adobe Photoshop Elements
Why we hate it: This stripped down version of Adobe Photoshop was made for amateurs and intermediate photographers alike, but with so many free image editors available for download, it'd be a sin to buy a program you can find for free.
Alternative: IrfanView 4.2, GIMP
Need to to remove red eye, sharpen a batch of photos, or stitch together a panorama? Both GIMP and IrfanView provide more than enough tools for these and all of your everyday photo-editing needs. With GimpShop, the former can even give Adobe's Photoshop a run for it's money, closely matching the $649 program's menu structure and feel. Professionals with deep budgets will want to stick with Photoshop, but the rest of us have no reason to install this memory-hungry monster.
Savings: About $139