Yes it will run CS4. But you'll probably have time for two cups of coffee and a light snack while waiting for any real work to get done.
That Athlon Neo X2 L335 is a pretty weak CPU. Anything less powerful and you'd be talking about a 'Netbook CPU.Passmark CPU benchmark scores
Netbook: Intel Atom D525 @ 1.80GHz = 718
Ultra portable: AMD Athlon Neo X2 Dual Core L335 = 861
Mainstream: Intel Core i3 350M @ 2.27GHz = 2057
Mainstream: AMD Phenom II N850 Triple-Core = 2103
Power laptop: Intel Core i7 740QM @ 1.73GHz 3592