Works great with CS5. I have the Shuttle Pro, not the V2 model. You can make it easy by downloading the CS5 presets that are available from their site.
Yes, I used the ShuttlePro V2, until recently, on a Mac and am now using it happily on Win 7. I did run into one problem running it on the Mac with Mocca for After Effects which is included with CS5. The ShuttlePro driver would not recognize Mocha.app so I could not customize the ShuttlePro buttons for it. Countour tech support was able to reproduce the problem and they were going to contact Mocha developers to try to resolve the problem. This was about a month ago and I do not believe the problem has been fixed yet.