I took a look at Flash Catalyst this morning. It's pretty interesting. That really is the bridge between PS and AI and FW to Flex. Before, there really wasn't one. But still, will it be out in time to be part of CS4? Who knows.
If any of you got a MAX preview, leave some comments to let everyone know about it.

CS4 is already out on the market for sometime. Flash Catalyst will likely be sold as a separate products along with Flex as it may be consider as a Rapid or Rich Internet Application software development.
Hey Arthur, glad you like what you've seen so far. I'm not totally sure what you mean by "in time for CS4" but we're about a year away from a Catalyst release, so it's got some time.
We're going to be doing a wider public beta before the first half of the year.
=Ryan
ryan@adobe.com
You are invited to try our online flash builder called produle.com which can be used for creating flash catalyst' apps