You misread that, Chuck. It applies to upgrades to both suites and standalone products contained within the suites.
The discount does apply from PPRO CS3 to CS5.5. It's specifically called out in the terms and conditions. If you order online through the Adobe store, the discount applies when you place the item in the cart. The normal upgrade from PPro CS3 to CS5.5 is 299usd. After you place it in your cart, a 59.80 discount is applied bringing it down to 239.20usd.
Edit: I just looked at Amazon and see the upgrade there for 232usd. Interestingly enough, they are still selling the older upgrade to CS5 for 299usd.