Editable, which surprised the heck out of me. I grouped a text frame, graphic, and shape, and was aboe to ungroup and work with all threee in CS4. I didn't use any unsupported features.
When the snippet included a CS5 feature, I got a "graphic" or non-editable object.
When the snippet did not include a CS5 feature, it seemed to generally work, but more testing was not done. My team has concluded that it's a risky practice.
