Well, considering that CS is one of the most complex software project undertakings in human history...
The official Adobe FAQ states that Universal support will be included in their regular development cycle, as they did with the OS 9 transition (which took 18-24 months). So that means that CS3 will ship as a universal binary. Obviously since Macs have a large share of the design market, there is pressure for them to release.
I could understand slow performance under Rosetta, but I have yet to hear of bugs showing through. If there is a bug in a Rosetta environment which cannot be replicated natively, it means that there's a problem with Rosetta and therefore it's Apple's duty to fix it.
Of course you can run at speeds closer to native if you use something like Parallels Desktop to virtualize a Windows system and then run the Windows version of CS2, but at that point if you plan to purchase the Universal edition you will be drained of cash.
I, personally, am waiting for Adobe to release the Flash plugin for PowerPC Linux

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