If I have multiple installations of adobe software, can I just delete earlier version?

I purchased and installed cs6 production premium, because I needed video editing.  I had previously purchased and installed cs5.5 design premium for photo and web editing.  Now I have multiple copies of certain adobe applications in my application folder (ex. Bridge, Extension Manager, Flash, Illustrator, Media Encoder, Photoshop).  Can I just delete the previous version?  Will I lose any custom settings (like in Photoshop)?  Do they both access the same files / file structure?  Is there any advantage / disadvantage to keeping both? Etc, Etc...
My OS is OSX 10.7.4.
Thanks in advance for any suggestions.

Do they both access the same files / file structure?
No. Different versions operate independently and therefore use independent configuration data etc.
Is there any advantage / disadvantage to keeping both?
Compatibility! Third party plug-ins may not yet be updated for CS6 (if you use any). That aside, CS6 is full of bugs. You can't evade the mess that is After Effects, prelude etc. since your CS6 versiosn are your only ones, but you might actualyl be glad to have CS5.5 around for Photoshop, Illustrator, AME etc. if something doesn't work in CS6... Feel free to rid yourself of CS5.5, if you think none of that is relevant.
Mylenium

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