A typical question for Matrox.
You will need to uninstall X.Tools for CS3 and install it for CS4. You can't use Matrox with both versions.
The full-release version of the Matrox 4.1 drivers is rumored to be coming out about now. This might indicate that the "non-beta" verison will be out very soon. Could be days, or weeks, but they say "soon." I'd check their site very often and keep your ear to the pavement in the Matrox fora.
>no Matrox presets like there are in the CS3 version. In CS3 we had to use the Matrox presets to enable hardware acceleration
I will guess (about 99% sure from reading lots of forum messages) that the Matrox works similar to my Pinnacle Dv500
My Dv500 came bundled with Premiere 6x, and included device drivers that were unique to P6... so to get the Dv500 to work, you first installed P6 and then the Dv500 software
The Dv500 software would work ONLY with P6, so Premiere Pro of any version could not use the Dv500 in any way
It appears that the Matrox software you have is specific to one version of PPro... OR... you need to install the Matrox software after PPro so it may put "hooks" into PPro to use the card's features