Yes. It's been going around a lot lately.
And as an aside, Adobe does not call it Acrobat Reader. It's just Reader.
Adobe does not send out update notifications via email.
This is a phishing mail and Adobe has published a blog regarding the same. Do not install/upgrade from links in any such mail
I just received two messages this week purporting to be from Adobe.
Adobe <email@example.com>; subject: Download Adobe 2011 Free.
Free Download Adobe 2011 <firstname.lastname@example.org>; subject: Free Download Adobe 2011.
Fortunately, an experienced user received the same content back in May and noticed that the Download link directed the user to a non-Adobe website. [http://url.paymentsave.com/?l=w8F1paiT]
Observing that, he checked the Internet header of his message and followed that up with a "whois" check of the domain and found it is a SPAM site. The content of my messages were the same as his. You can read his post here <http://www.mywot.com/en/forum/12000-paymentsave-com-spam-site>.