Hi DopeHeadz =)
For Illustrator:
I would say the plugins from CValley are very nice and real time-savers, especially Xtream Path and FILTERiT;
Code:
http://www.cvalley.com/index.html
Then there is also Vector Studio 2. It too has some really handy tools;
Code:
http://www.virtualmirror.com/
Other Illustrator plugins that may come in handy:
If you are working with tracing and recreating client logos then LogoSpruce
is highly recommended;
Code:
http://www.comnet-network.co.jp/eng/
I'm not sure LogoSpruce works in CS2 since I haven't used it in a while.
Stephen Vincent's plugins can also be useful from time to time,
especially Tessella;
Code:
http://members.shaw.ca/spvincent/plugins/default.html
For Photoshop:
Nowadays Photoshop contains a whole bunch of handy plugins which
together with it's standard tools make 3rd party plugins less important.
That said there are some plugins out there that I still use now and then.
The first plugins I use to install are the old and trusty Kai's Power Tools 3 and 5 packs.
They contain tools that still can make life easier when designing GUI stuff;
Code:
http://www.ambientdesign.com/kpt.html
ColorWasher and FocalBlade are great for fixing up digital photos;
Code:
http://thepluginsite.com/products/photowiz/index.htm
There is also Path Styler Pro for both Photoshop and Illustrator.
A lil tricky but quite handy for those razor sharp bevels;
Code:
http://shinycore.com/
Hope this little list can be of help =)