PicEdit is a very basic image editor which benefits from some excellent annotation and drawing tools.
The core editing options are extremely limited. You can tweak brightness, contrast, hue and saturation with sliders, for instance; there are a few basic filters and effects (Mosaic, Blur, Sharpen, Noise, Invert, Grayscale); and you can rotate or flip your image, but that's about it. We couldn't even find a resize option.
However, the program is much better when it comes to annotating your pictures. Click "Stamps", for example, and you can add assorted arrows, warning signs, "Click here" symbols, cartoon characters and other icons to an image, before resizing and repositioning them to suit your needs.
Maybe you'd prefer a watermark? PicEdit makes it easy to add an image, while you configure its position, angle, opacity and more.
The Callout tool supports several styles and provides a more interesting way to add text captions to your shots.
And various drawing tools allow you to add lines, arrows, polygons and more.
PicEdit wouldn't be our choice to fix problems with an image, then. But if, say, you've generated some screenshots to help document an application, and now want to annotate them, it's more than up to the task.