Adobe has posted a FAQ describing the compatibility of Adobe's professional applications with Intel-based Macs, as well as their plans for Universal Binary versions. Highlights from the document include:
Adobe has so far unearthed only one notable glitch running Adobe Creative Suite 2 applications (including Photoshop CS2) in the Rosetta emulation layer of Intel Macs: the server version of Version Cue Workspace doesn't run.
A Universal Binary version of the Lightroom public beta will be made available as a free download "shortly."
The next major release of the Creative Suite - to be called CS3, presumably - will include Universal Binary versions of each application, including Photoshop. But CS2 applications will themselves not be updated to Universal Binary status. Adobe doesn't say when specifically the next Creative Suite will emerge. They do offer this: "...we can point to our consistent track record of releasing significant upgrades to our creative professional applications every 18-24 months."