Hi Helen,
I guess you're one of the lucky ones. A great many people have had the same problem I have. When opened PSE 4.0 begins loading and then crashes when it gets to 'reading workspace modes'. I have tried everything, deleting the plist pref in Library, uninstalling and reinstalling, you name it, nothing works.
It seems to be very hit and miss for a few people it works fine, for many more it just won't run.
I am using an iMac 2Ghz Intel Core 2 Duo with 3Gb RAM, ATI Radeon X1600 graphics, running Leopard 10.5.2 (upgraded from Tiger, maybe thats the difference?).
Even Adobe say PSE 4.0 with Leopard is 'Likely to encounter issues for which there is no resolution.' They have also stated they have no intention of providing upgrades for any of their apps older than CS3 for Leopard machines.