I currently have Production Premium Cs3, but want to upgrade my copy of Premiere to Cs5 for the native DSLR support, does anyone know if I would have issues going from Premiere Cs5 to After Effects Cs3 for grading or stabilzation, etc?

Thanks

This doesn't really answer your question, but...

According to Adobe, "You cannot upgrade a previous edition of Creative Suite, Adobe Production Studio, or Macromedia® Studio to a standalone product such as Photoshop®, Adobe Premiere Pro, or Dreamweaver®."

http://store.adobe.com/store/en_us/popup/software/premiere5/upgrade_eligibility.html

So if this is true and you must buy a new complete standalone version of Premiere, then the price is the same a upgrading to the entire CS5 suite, and you'd gain the benefits of the 64-bit apps as well. It does seem odd that if you spent more on the suite previously you can't take advantage of the lower $299 upgrade price to Premiere alone, while if you spent less on the single app before, you can. My guess is the upgrade package won't accept your old serial number, which is required for installation/activation.

http://store.adobe.com/store/en_us/popup/software/creativesuite/production5/upgrade_eligibility.html

So although I can't answer your actual question, you might want to rethink the practicality of this. You do have a 64-bit machine with a 64-bit OS, yes?

Thanks for the advice, that seems really strange though, I'll call Adobe.
Can anyone confirm this?

Adobe confirms, you can't do it. Thanks for the advice and info.