What's the most appropriate upgrade path?

Hi,
Not sure I'm posting this in the right place, so if it's wrong, I apologize!  It's been years since I've considered upgrading Photoshop on my computer (I like what I have, and hadn't really felt the need or desire to upgrade), and since that time, a lot has changed.  Because of my lack of desire to keep track of the latest changes, I find myself extremely confused now that I am actually looking to upgrade, which is the reason for posting this.
The general idea is that I'm currently using Photoshop 7, and when last I peeked in on Photoshop, that was as straight-forward as it needed to be.  7.0 was Photoshop, that's it.  Now what's confusing me is what would be the best version to upgrade to?  The obvious questions to follow -- what do I need it for?  Varied.  I do some web design, I do some photo touchups, and I do other aspects, such as getting ready to start production on an ezine (this is the primary reason I'm considering an upgrade, as I don't feel Photoshop 7 provides everything that I need to do that), for which I'd like to design a simple spread.  What gets me is what all these new variations of Photoshop actually are, and what route should I be looking to go so that it's still the Photoshop I know and love, but upgraded and with the various improvements and such?  I realise that might sound vague, but essentially I don't want to have to learn a whole new product just to enjoy the features that I already enjoy and know how to utilize, if that makes sense.
Anyone that might have an idea on that?
Thanks in advance!

Hi John,
Thanks for the response!  I feared I might be too far gone at this point, but I do still have designs on getting back into the "now" with Photoshop.  Full price was semi-expected, it just means a bit longer of a wait .
What got me confused in the first place was the need for and the primary difference between Elements and CS.  I haven't changed since Version 7, obviously, and prior to that it was Paint Shop Pro, which wasn't filling many needs.  Point being, you had your choice of one company's product or another (no extra versions), without the variations.  So, I was getting stuck on which version actually was or would be closest to what could be considered the full version a la Version 7 back in the day.  It appears that's going to be CS, as opposed to Elements, which is perfectly fine, I just found myself so confused with the different versions/products!
Thanks for your help!

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