OK, after reading this exchange I have to say I'm not totally clear on how you're working in CS5 using SFW, kevs.
I use CS5 most of the time and don't have a sharpening problem using SFW. You said you used Bicubic. We need to know if it's Bicubic Sharpen or Bicubic Smoother in SFW.
Bicubic Sharpen in "Image Size..." dialog box produces harsh, thick edges overall. I've never used Bicubic Sharpen in SFW because I downsize for web from 3000px to 700px on the long end using Bicubic Smoother in "Image Size..." I then use SFW to automate converting from ProPhotoRGB/16bit/Raw to sRGB/8bit/jpeg.
Just FYI if I know I'm not going to do any work in Photoshop I automate the downsizing and conversion directly from within Bridge using "Image Processor..." under the Tool menu. It's set to Bicubic Smoother with correct looking sharpening. It does not go through SFW.
From what you've described you're seeing really bad sharpening ONLY when using SFW. Do you see it within SFW's Preview and/or after you reopen the SFW processed image?
It looks OK when first downsizing using "Image Size...". Is this correct? Or are you downsizing and converting to sRGB/jpeg all in SFW and seeing the bad sharpening AFTER reopening the downsized image in Photoshop? Just to be even more specific are you seeing the bad sharpening WITHIN SFW's Preview pane?
There's another issue not mentioned about your workflow that is very important. There is an additional output sharpening setting selected at the bottom of ACR's bounding pane where resolution and output working space can be changed. ACR's 100% zoom preview does not show this output sharpening. When I open into Photoshop I have to check this output sharpening at 25% or 100% view.
Also as a caveat you should be assessing all sharpening from ACR into Photoshop at 100% before doing any further editing including cropping.
There, I think I covered all bases.