OK, got my answer. I'm posting it in case anyone else has the same issues.

http://knowledgebase.steinberg.de/94_1.html
Support for the Mac OS X Universal Binary platformWith the release of Cubase 4/Cubase Studio 4 in autumn 2006 Steinberg offered the first Universal Binary products to run on the Intel based Macintosh systems. Several other Steinberg applications followed soon. All applications that are not listed in the compatibility list at the bottom of this text do not run at all or at least not satisfactorily on Apples new Intel based Macintosh hardware. Although it is possible to run our PowerPC based applications using the Rosetta technology, one can expect a heavily reduced performance. Please note that we do not offer any support for the combination of Intel based Macintosh systems and our PowerPC compatible products!

Available Universal Binary compatible products (updated February 4th, 2008)

Nuendo 4
Cubase 4
Cubase Studio 4
Cubase AI 4
Cubase LE 4
Steinberg MI|2 & MI|4
HALion 3
HALion Player (retail and OEM)
HALion Symphonic Orchestra
HALion String Edition 2
Houston
Groove Agent 3