I'm having the same problem on Vista Business x64. Constantly getting "not responding" on new document or save a document or well, on just about anything I try to do. Photoshop CS2 runs fine however.

BTW--comment by Michael Brower about it's hit or miss if it works since Photoshop does not support 64bit seems bogus. I have tons of 32bit programs running fine under Vista 64bit but I've had tons of problems running Photoshop CS3 under XP Pro 32bit or Vista 64bit.

What we need is some trouble-shooting direction. I upgraded to Vista 64bit (x64) precisely to be able to run Photoshop CS3 with 4 GB of memory. It's a shame Photoshop has joined with most other major (monopoly) software companies (namely Microsoft itself) in releasing overly-expensive, bloated, slow, buggy software that doesn't perform well even on todays top equipment.

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Vista Problem Report:
Description
A problem caused this program to stop interacting with Windows.

Problem signature
Problem Event Name: AppHangB1
Application Name: Photoshop.exe
Application Version: 10.0.0.0
Application Timestamp: 4601eae8
Hang Signature: b028
Hang Type: 1
OS Version: 6.0.6000.2.0.0.256.6
Locale ID: 1033
Additional Hang Signature 1: dd8160a8d8daf1cd773ea78ba7e8534b Additional Hang Signature 2: 1f7d
Additional Hang Signature 3: 3f1bc4c3e2485945490405e036ec25a0 Additional Hang Signature 4: 606b
Additional Hang Signature 5: edf632cf1254ca69c51d043d3151971e Additional Hang Signature 6: 7dc3
Additional Hang Signature 7: 9d855d7e215a66ffcb4933d18a3b883e Extra information about the problem
Bucket ID: 59539740
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My System:
OS Name Microsoft® Windows Vista Business x64
Version 6.0.6000 Build 6000
System Type x64-based PC
Processor Intel(R) Core(TM)2 CPU 6700 @ 2.66GHz, 2666 Mhz, 2 Core(s), 2 Logical Processor(s) BIOS Version/Date American Megatrends Inc. 1004, 1/22/2007 Total Physical Memory 4,094.38 MB
Adapter Type GeForce 7600 GT, NVIDIA compatible
Adapter RAM 256.00 MB (268,435,456 bytes)
Installed Drivers nvd3dum,nvd3dumx.dll,nvwgf2um,nvwgf2umx.dll Driver Version 7.15.11.5824

Daviz

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Photoshop CS3 vs Vista Home Premium x64