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Yes, definitely update to 5.0.4, especially if you have an ATI card.No, it's not a must. The only useful thing (that I can see) in 5.5 is the Merged Clip function. Even without it, though, it was trivial to sync up audio/video if needed.
Just install CS5, which you already have, patch it to 5.0.4, and you're good to go.
With the FCP X fiasco I'm better off trying my copy of Premier Pro CS5 that came in the bundle rather than give Apple $300. Is the update a must?
Syncing them in a sequence is one thing, but missing from every version previous to 5.5 was the ability to sync them in the Source Monitor, where In/Out points are generally set before you add a clip to the sequence. That's new in 5.5]it was trivial to sync up audio/video if needed.
Thanks for all the comments. I went ahead and purchased the FCP to Adobe deal and boy am I glad I waited! Still learning but like what I see so far. The Lynda.com Premiere CS5 lessons are ok. I'm sure they are getting lots of plays now. Prores 4444 doesnt come in with alpha channel. That sucks and not sure how to fix that if I can.
Adobe TV has some good tutorials as well. Looking forward to a real world edit soon.
Since I am coming over from FCP7 almost all my footage is ProRes. All the titles I make in Motion are exported as ProRes 4444 with alpha channel. It just works better in FCP7. I didn't try it in CS5.5 yet so maybe it works now with the update.I don't know, what's the 'compression' difference of say using TIFF output, with lossless LZW compression, vs. ProRes 4444??? Or just buying more disks and going with the uncompressed animation codec, which has a alpha channel.
Since I am coming over from FCP7 almost all my footage is ProRes. All the titles I make in Motion are exported as ProRes 4444 with alpha channel. It just works better in FCP7. I didn't try it in CS5.5 yet so maybe it works now with the update.