Encore, the authoring program, bundled with PrPro does have full CC, and Sub-title capabilities (similar, but different), and I assume for BD material. For full CC discussions, I would post to the Encore forum, as some users of En do not post here, and might have some helpful hints.
I was hoping I could do it within PPro, since CCing is not a service that the local stations offer. Not sure if I can do it in Encore, for it has to be inserted in Line 21 of VITC then output to an HD mpeg.
Unless CS5 has added this (and I've not heard mention of it), then it might be Encore-only. Now, Jeremy should be by sometime soon (it is "Maine Lobster Day" at the Official Adobe Cafeteria, so he might be taking a long lunch... ), and he WILL know for sure. I have just heard no mention of Line 21 capabilities being added.
Good luck, and I hope that CS5 DOES have it now, and I can learn something.