Adobe has a PDF that describes their TRACE command that will help you convert a rastor image into vector art (in CS2). It also explains the difference between the two well (often a difficult concept for unfamilar people to grasp).
Additional information about how to use the trace command:
Adobe Design Center
Watch a tutorial video
Tutorial 9 site
What is nice about CS2 is that it really helps to relate graphic work to CAD. We can lay something out that has a printed graphic and send that to be printed, and CNC the substrate all from the same file and be assured that they will line up nicely (always depending on type of material the graphic is printed on off course).
Similar to the other converters, if you aren't using CS2 (or the new additions) already in your work, it may not be cost effective.