I ran CS3 Photoshop and Dreamweaver on my original MBA, but it was very very slow. I hated that MBA.
I now have a rev B MBA... It runs CS3.3 very well. In fact my new MBA runs pretty much everything faster than my MBP did... was a 2.33 GHz, 4 GB RAM, and 256 MB Graphics... so the SSD is what is really making my MBA fly.
I didn't/don't have anything nice to say about the original MBA, but I cannot stop saying nice things about the new MBA. What a difference.
So, I guess it depends on the MBA you are talking about as far as running Dreamweaver.