1. If i install latest version of lightroom, how is the performance with CS2?
Good - CS3 has an edge in that it can read all the adjustments of LR in CameraRaw, and so it suppresses the need of creating a PSD file to go from LR to PS.
As you still need one going back from PS to LR, this is no show-stopper at all.
Edit : in CS3, you'll also be able to use the CameraRaw smart object feature. Your call!
2. From people's experiences (perhaps this to the PC folks), what are minimum system requirements to work without frustration with LR?
I got an approaching one (XPSP2, P4 3GHz, 2GB, but my OS disk is a simple caviar), and don't feel it frustrating.
3. As i also have macbook pro, can i get x-platform usage on Desktop and laptop as some licenses allow?
4. with a new release of C1 v4, would LR eliminate the need to update this?
I don't know about licensing between platforms, and about upgrading C1, you'll better tell it yourself!
5. Printing (Epson 3800) results better from LR or PS?
LR has a more flexible layout interface, but no soft-proofing (and some, but not me, experience color management bugs).
I print image that are OK in LR from LR, and images that need PS (mainly panos, a few HDR also) from PS (or Qimage for long panos, to bypass a length limitation in the driver of my R1800 - not PS-related).