Well Oblivious it depends what you use it for:
Digital photographer. Buy CS
Web Designer. Your choice
Graphic Artist. Buy CS
To keep it short, there has been loads of improvements in the automatic level settings, the ability to import RAW data from cameras so that you have full control on how the data is processed, improvements in the way filters operate.
Don't just ask here go to the Adobe site and take the tour. However you may only use PS infrequently so you might be able to pick up a new copy of PS 7 cheaply but by this time they are quite rare as you can upgrade to CS quite cheaply from that.
Design is thinking made visual.
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