Yes and Yes - also upgraded from CS3 to CS5.
Love the new features available in ACR and the new stuff in CS5 - content aware fill works and ROCKS. And the new selection feature is pretty amazing. I posted a while back a Mark Johnson tut on tricky selections and all of that is incorporated automatically on CS5.
The tut is here
and with a very good understanding of Elements, can be done in Elements 6 and up (uses smart brush selection) possibly earlier versions as well.
So, love them and the new toys will keep me out of mischief for a while.