Can you switch back between CS5 and CS5.5 with the same project with Premiere??

Hey all,
I just got CS5.5 for Mac (Lion) and was wondering if i am able to save a project and open it with CS5 Premiere because I work with one other editor who has CS5. I have tested saving a project in CS5.5 and opening it in CS5 but it says that it needs to convert first but then it seems to work fine. So basically, is there workflow good between the 2? Any known issues or anything else i should know about when switching back and forth?
Also, I have the student edition of CS5.5 and was wondering how many times can I install it? I plan on buying a new computer in a few months from now but currently have 2 and was wondering if i should install it on both my current computers and then deactivate one and install it on my new computer in the future? Or is there a limit and that will not work?
Thanks!!

Because it has to create a new "version" of your project every time you go back and forth, you'll end up with umpteen versions if you go back and forth every time which could become a nightmare for you... And because it creates new "versions" every time, you're far more likely to end up with a corrupted file at some point... I'd stay away of going back and forth between versions...
As an aside, does anyone know if you can go back and forth between the same version (CS5.5) on different platforms (Mac/PC)? I may need to start doing that soon at work, and I've never tried...

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