CS2 works fine for me. I think what your IT manager is referring to is the fact that it's not universal yet. But it still runs faster than it does on Windows
But it won't run as fast as it does on PPC macs (assuming you have very recent PPC macs... The Merom outperforms the iMac 1.8 G5 running PPC Photoshop and is only 20% slower than it is on a Dual 2.5 PowerMac!) so yeah get Conroe machines when they are out or just wait for CS3.