CE2011.2 is just downloaded and installed.
After initial trial, it looks that majority of those issues are well handled in the release of CE 2011.2, including straightforward setup of any ESRI �??spatial reference�?? and �??geo-referenced data�?? (SHP, GDB, terrain, image) and �??textures�?? in the CE project and also convenient interoperation of 3D scene with ArcGIS 10 SP4 and Google Earth /Google Earth Enterprise.
Personally, the release 2011.2 is improving and making more sense to us!
Thanks, CE team