I've installed CS2 on a Leopard beta and yes, it worked fine for the short time I played with it, although the only app I've used heavily that way is Photoshop. Illustrator and Indesign also worked, but I didn't use either of them for more than an hour, so can't say that I gave it a workout.
This was on a G5 we were evaluating for possible upgrade at work.
I've also used (but not run the installer) CS2 on an Intel Mac - albeit without VersionCue (which is broken on Intel anyhow). That also seemed to be okay, but I didn't give it much of a workout.
Hopefully nothing has broken between recent betas and GM =]