Agreed, this would be an absolutely killer feature for casual photographers like me who shoot in RAW+JPEG and take large numbers of photos. For me, the JPEG is usually good enough, as the camera is usually smart enough to process the image intelligently. I'll usually not bother with editing an image unless there's something wrong with it.
If I'm having to tweak white balance or exposure, I'll resort to modifying the RAW files, otherwise I'd prefer to never see a single RAW as I browse through my collection.
This critical missing feature is the one reason why I abandoned Photoshop Elements a couple of years ago in favour of Aperture. Aperture makes it easy to import and work with large numbers of images in RAW and JPEG format. If Adobe implement this simple functionality in Photoshop Elements, I'd be tempted to switch back, and I'm sure I wouldn't be the only one.