Even though I use CS4 with my clients, I still have CS3 on my own laptop because Adobe took away my favorite feature from Photoshop, and put it in Bridge, which makes my computer run very, very slow.

Yesterday, I had the most frustrating experience with Flash, and then I found this link:
http://labs.adobe.com/technologies/flashcs5/appsfor_iphone/

In a nutshell, Eric Socolofsky summarizes what is supported and not supported (found on ITP list)

Supported:

MultiTouch
Screen Orientation
Saving images to Photo Library
Accelerometer
Geo-location
Cut / Copy / Paste

Not Supported:
Embedded HTML content (via webkit in Adobe AIR).
RTMPE
Dynamically loading SWFs that contain ActionScript
PixelBender Filters
Microphone Access
Video Camera Access