The answer is yes it does run! Adobe software will run in Windows 7 and that is true for cs4 and cs5 versions of the creative suite from Adobe.
If you have to remove the product you must deactivate the Adobe software first or you will not be allowed to re-install the Adobe software. Which happened on a drive failure for Adobe CS3 Photoshop and I was not allowed to re-install the software for 9 months and only on one computer. So be warned if you have a harddrive fail you may not be allowed to re-install the Adobe software on the replacement harddrive, because Adobe sees the new harddrive as a new computer. If you must remove the Adobe software for any reason you must deactivate it first!
Adobe software will run under windows 7! The new CS5 versions were designed for windows 7 and CS4 will run, but you will not get a performance boost with quad-core or higher processors. You do get the added performance with the New CS5 products.
On October 9, 2009 CS4 release was designed for both Windows XP and Vista on the pc side, because Windows 7 had not been released yet. Windows 7 has now been fully tested to work with Adobe products and it does work.
If you are having problems, I suggest you contact Adobe Support and insure you are using the lastest updates or patches from Adobe and Microsoft. Backup your work and run defrag. If you are running Vista, I say upgrade to Windows 7 you will be glad you did. Vista is a bad operating system and the sooner you put it into the past the better.
Adobe Software does run in Windows 7! That goes for both CS4 and CS5! Adobe CS5 is one well written program and I am glad, I beta tested CS5 and upgraded to it. I have it running on several computers running Windows 7 and I am happy to report no issues with Adobe Software.
The original post was from my contact with Adobe support by phone. Windows 7 has been out for a year now and it has been tested by Adobe and they made several improvements and refinements to insure Adobe products run in Windows 7.