It does not, or at least it doesn’t very easily. For the Mac, CS3 still had some update code that used PowerPC code, which doesn’t run on anything Lion or above. There are work arounds to updating the CS3 apps on 10.7 or 10.8, but it’s not the best option. Besides, the apps run slower on newer OSs. Upgrading from CS3 to CS6 on the same OS, it was plenty fast. I’m sure a good amount of that was the updated software, but that’s the point here.