Upgrade to CS2 and use ACR. You can calibrate it to your camera to get better out-of-the-converter color, so that all you need to do in PS is de-noise, crop, and sharpen. Its much handier than Canon's kludgeware.
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My opinion differs from Jonathan's, the color DPP gets from the files is fantastic, and the sharpening algorithm erases the camera's anti-alias filter like magic, in a way that cannot be done by ANY other tool.
DPP is a kludge, there I agree with Jonathan, and I use Adobe stuff for the big batches from my Canon, and DPP for the art gallery enlargements which need to be high quality.
I would check on the Adobe site, it's possible that the last distributed version of the ACR plugin that works with PS7 can open CR2 files. I seem to remember it could.
Edmund