When you run the Edit in Photoshop command, is Lightroom giving you a dialog box telling you that you need the latest versions of PS, ACR etc for predictable results? I forget the exact text... but I'm wondering if LR is waiting for you to click a button before it actually opens the file in PS.
On that note, as the message says, for "maximum compatibility" you do need to be using the most recent versions of all the software involved.
That said I've been able to keep using CS3 with no problems; just a minor irritation on the warning dialog box.
Finally, Re: ICC profile warnings - ideally, you should use the same working space in PS as the one you're rendering out from Lightroom. This will keep the message from appearing as well as ensure uniformity in color between the two apps.