Hey Dan, we haven't gone to Studio 3 yet because of the PPC issue, so I can't say. I hear it's fine for a place with all Intel machines. My personal philosophy is to separate major upgrades like that so you can tell if one or the other caused an issue, but to each his own.
Personally, I've had mixed luck with Spotlight -- even on our meager Xsan of 30TB, using Xsan 2.1. Sometimes it works, sometimes it doesn't. Sometimes it includes all results, sometimes it doesn't. Some clients can use it and some can't. It takes a really long time to do the initial index, and you want to make sure your MDCs have lots of RAM to keep up.
Apple recommends a procedure for turning on Spotlight here:
http://support.apple.com/kb/HT1134
I've followed it, but still had very mixed luck. I'd love to hear if anyone has it working and is happy with it. If you give it a try, let me know how it goes!