See the thing is, you can get away with using a legacy program for many, many years... if your printer still prints, and all of your output files and peripherals still work, then don't mess with a good system.
The problem occurs when you are forced to upgrade your computer at some point. Or a client can't back save their files properly to an older format. Also, what I've been noticing lately, is if you work in a really old format of a program, some items, filters, effects don't backwards translate and you end up with an unhappy client, and you look like a technological dinosaur.
It's good to keep up with software to a certain extent. Don't need to be an early adopter right out the gate. Perhaps wait for the first patch or update. But you should at least be updating the software that makes you money every 2-3 years at the very least.
CS1 came out in 2003. I'd say you are probably due for an upgrade. The unfortunate thing about waiting so long between upgrades, is the learning of the new bells and whistles, and how they like to change common things around on you. Like shortcuts, menu items, re-naming of menu items... all kinds of goofy stuff. You usually have to pick up a book or just muddle through it until you re-learn everything. The worst is when they drop a favorite feature that you can't live without and have to learn the new work-around.