See "Known Issues with Adobe products on Mac OS 10.7 Lion".

Here is an excerpt from the section about issues affecting all applications:

Files stored in Library

In  Mac OS 10.7, Apple has made the user Library folder hidden.  Preferences, presets, and other user customization settings are stored  within this Library folder.

To access your user Library folder:

1. In the Finder, choose Go > Go To Folder.
2. In the Go To Folder dialog, type ~/Library
3. Click Go.

For instructions on additional methods to make the user library folder visible, see the following document.

How to access hidden user library files | Mac OS 10.7 Lion

See "How to access hidden user library files | Mac OS 10.7 Lion" (cpsid_90947)

Java Runtime needs to be installed manually, otherwise applications may behave inconsistently

Many  Adobe applications are dependent on the Oracle Java Runtime Environment  (JRE) for some features to work. Apple recently changed the way it  includes Java in Mac OS, and with Lion, Java is no longer preinstalled;  it is now an optional install that the user must select.

Since  current Adobe installers and applications were built before these  changes by Apple, our software anticipates that Java is installed. Adobe  and Apple have worked together to ensure that you can install Java at  OS install time, or optionally at a later time before you install Adobe  applications. At runtime when you launch an Adobe application, you will  be prompted to install Java if it is not already installed. If you do  not install Java before running an Adobe application, there can be  missing or improperly behaving features. If you encounter any issues,  installing Java should correct the problems. Corporate IT organizations  should take care to preinstall Java (or make sure Java can be installed  through their firewalls/security) in order to avoid conflicts with Adobe  applications.

If the Java runtime is not installed, some issues that are known to occur include:

• Failures to launch
• Prompts to install Java runtime when attempting to use the applications
• Applications may hang on quit.

For additional instructions for installing the Java runtime see the following document.

How to install the Java Runtime (JRE) | Mac OS 10.7 Lion

See "How to install the Java Runtime (JRE) | Mac OS 10.7 Lion" (cpsid_90908)

Crash Reporter

Illustrator CS5, Illustrator CS5.1, InDesign CS5.5: Crash reporter doesn’t appear or only appears after long delays (10-15min).

Scrolling behavior opposite of expected

In  application scrolling may reach opposite of expected due to "Move  content in direction of finger movement when scrolling or navigating"  feature. To alter this behavior, deselect the feature at the top of the  Mouse section within the System Preferences.

Rosetta support no longer included with Lion

CS2  or earlier versions of Adobe products required Rosetta to run on newer  Intel based mac systems. These older versions will no longer be  supported as Apple removed Rosetta support with the 10.7 release.