I believe Adobe achieved a functional design characteristic with these icons, which in turn is really what the CS3 is about. If I have 5-10 of these icons in my dock, I think it'll work very well for indentifiable purposes. We're all used to seeing the little .AI or .PSD icon design element on the current generation of CS files so it should have the same effect on the actual application icon - let's hope so anyway.
Graphically, I'm a bit bored with the concept. But afterall, they are just icons. I do, however, like how they've kept the colors somewhat consistant throughout the versions of the creative suite. Ex. Photoshop: blue, Dreamweaver: green, InDesign: pink. This feature also adds an identifiable trait to the icons, perhaps it will carry over to the file version as well.
I don't applaud the design, but I don't disapprove either. I'm just glad that the programs will finally run natively on my iMac!