I also used to have BSOD issues with Elemental.
BETA 2 used to be the only thing I did that has ever caused a blue screen on my PC. The day I decided to go get the details and post here however I noticed BETA 3 had come out and after updating I haven't had a problem since.
I did think it odd at the time, especially as I run much more demanding games like Just Cause 2 etc, but like I said, the problem vanished in this BETA.
I also have an ATi card (4650) and usually run with the latest drivers. I'll have a dig around in the Windows error logs to see if I can find the details from the crash if it still exists.
I've also run memtest86+ to see if it is related to bad RAM but that sailed through with no errors.