Since I have a Mac I can only address this from a Mac perspective. Let me start with Creative Suite. If anyone thinks that there haven't been huge changes in CS from Version 4 and earlier to Version 5.5, they're very wrong. It may just appear that menus have changed and a few minor updates and tweaks have been added - but it's a whole other suite of programs. Version 5x for Mac is Intel only and it's 64bit. That alone ends the memory cap issues of earlier versions. It's a far faster, more efficient workflow across the board.
Personally, I don't have Creative Suite 5.5 - any version - on my home computer. I do at work. Before you go "aha!" let me explain. I don't need the horsepower for my personal work. Sure, I'd like it, much as I'd like a high powered motorcycle, but I don't need it here. I can't justify the expense and I'm a bit of a minimalist when it comes to my own "stuff". At work, it's a whole other issue. We exchange Adobe files and need to remain current.
Over to Lightroom. I always keep current with Lightroom. I'm a photographer. It's my RAW converter and primary editor. Consistently, each version is better than the last. Adobe has absolutely no obligation to add new RAW profiles to old RAW converters. Lightroom upgrades are also not expensive. If you're running an old version of Lightroom on a G5 the problem of not being able to convert new RAW formats is not Adobe's. It's time to upgrade the Mac. In fact, it's long overdue.
Few people realize how powerful the Elements programs are. Photoshop Elements and Premiere Elements are the bargains of the Adobe catalog. They're inexpensive, but they're far from lightweight. keep hoping Adobe adds to the Elements lineup. It's that good and it's what I use at home. You'll need to be on an Intel Mac to use Elements 10.
What this may all come down to is "future-proofing", a ridiculous concept at best. Many people laid out a ton of money early on thinking "this is all I'll ever need!" Maybe so - until you need to change one thing or need one feature. Then the domino effect starts and it all costs more than if you had upgraded all along. This is not an Adobe problem. If you need Adobe to make a living this is the cost of doing business. Factor upgrades into your budget and pricing.
If you wait too long you may fall out of the Adobe upgrade path. You may have already. That means a whole new purchase at full cost. Add up the cost of previous upgrades and you may find that had you stayed current it comes out to about the same cost. It was just spread out.
Adobe is "the" software for graphics professionals. There are alternatives, but none with the polish and precision of Adobe. I've tried them, and they're good, but they wasted my time. Let's not forget that there's a bit of a halo effect by saying "I use Adobe".
I have to ask these questions: If Adobe never upgraded their software and continued to provide free patches and support - how would they survive? If you had this business model, would you?
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