My recent archive solution was to save the complete contents of each PhotoCD to a folder on a hard drive, then use IrfanView with a modified DLL file to open and save each PCD to a TIFF. On the other hand, PS does a better job of color conversion on some images.
I also was using CS3 (Windows) with the plugin from the install disc, but I've now found that many programs including Photoshop clip the highlights on a lot of PCD images.