Those that have bought a Neat Image product may find my simplified workflow useful.
I find that if I just do the four mouse clicks on the big, bold steps below without anything else, it will improve things in most noisy images, usually without noticeable degradation of fine detail.
I have used/am using Neat Image with PS Elements 6/8 and now CS5, although this will work when used in other versions of Elements, Photoshop and many other image editors (e.g. Corel, Serif, IrfanView, etc.). I started with the Home+ (8 bit) product at V5.9, I have since upgraded to the Pro+ (16 bit), currently at V6.1. There is a separate 64 bit version (v6.2) which is priced separately, but with deals for current owners, make contact with their support team - I've always had good, fast service from them too.
With image open in PS Elements;
1) From menu bar: Filter > Neat Image > Reduce Noise
Neat Image will open with the left hand of two tabs active; "Device Noise Profile"
2) Click the Auto profile button, wait a little while for the action to complete, you should see a blue box {see b), e) and g) below}
3) Click on the second, Noise Filter Settings tab
4) Click the Preview button to optionally review the effect.
i) Use the mouse scroll wheel to zoom in to 100%
ii) Click and drag preview box to a different area of the image as necessary, as you do this, after a short delay you will see the preview area noise reduction kick in, this is helpful to assess effects on fine detail
iii) See also c), d) and f) below
5) Click Apply button, the image will reappear in Elements and after a short delay the noise filtering will be applied.
I haven't found the need to go any deeper than the suggested tweaks in Notes b) or c) below - but then I may just be lazy, or too easily pleased
For the fastidious, there are enormous possibilities for fine tuning, batching, etc., see the Neat Image website for details.
Notes:
a) Always do this before you crop an image and at full resolution, in fact I usually do it first thing after the RAW conversion, or on opening if original image was jpg.
b) If the Auto profile didn't achieve the desired results, this may be because it chose an area of image that isn't relevant to the final shot. If so, in step 2, just drag the box to a more relevant area and click Auto profile button again.
c) I generally just go with the "Noise Reduction Amounts" at their defaults of 60% Luminance and 100% Chrominance, but these can be tweaked (on right hand side) in step 4
d) I don't use Neat Image to apply sharpening or other processing
e) Very occasionally Auto Profile may not be able to find an area of image that contains no image detail with which to sample the noise (red sample box) - in this case if it gets it wrong it may remove required image detail, fear not - in step 2, just drag the sample box to other areas until a better result is obtained. See g) also
f) If you want to abort the correction altogether, just click the red X to Close the app, you will be returned to Elements.
g) If you really don't have an area of no detail to sample only noise from, e.g. a shot in a forest with only trees and leaves in; download a set of profiles for your camera model and use the one for the image type (jpg or RAW) and iso speed that was used for the shot, instead. See their website for further info. on noise profiles
When I used the Fuji S6500 I used this on almost every picture I shot at, or over, 200 ISO, I would urge anyone with a bridge or compact camera that is bothered by noise in their pics to do the same.
Hope that helps,