I recently upgraded an old version of Photoshop to the new Photoshop CS. Most recently I had been using Photoshop Elements 2.0 for image editing, but I wanted CS for the integrated RAW support. So far I'm pleased with it.
Adobe requires you to activate Photoshop CS, similarly to Microsoft Office. I installed and activated CS on my desktop PC when I got it. Today, I installed CS on the laptop I travel with. I didn't know for sure if Adobe would allow it to be activated a second time, but when I called the automated activation phone number, after entering the information requested, I was given an activation code to enter. Bingo.
So apparently Adobe is allowing Photoshop CS to be activated at least two times without giving you a hassle.