No, pro. Not sure why you'd go with Home over Pro. Also having now been using Win7-64 bit for a while and seeing first hand how well older 32bit programs run on it, I don't see a need for the XP compatibility mode, unless you have some really old or off the wall/unsupported programs.
If it helps, when I reinstalled my Adobe Creative Suite, I accidentally installed CS1 instead of CS4 (it was late...), CS1 worked just fine. Of course I dumped it and installed CS4 when I figured out what I had done, but I don't see how you'd have any issues installing CS2 on 7 Pro.
I'll take back what I said about having issues with programs, the only thing I ran into was I couldn't get a driver to work for my Canon scanner. But it is 6 years old and Canon hasn't released a driver for it since before Vista came out, so I guess I can't complain too much... it was only a $50 scanner anyway, it gives me a good excuse to upgrade it anyway...