Panic over !! I downloaded and installed the ISX 2013-003 Java update from the Apple website, and all's well.
Good news, and thank you for reporting what got you going.
Interesting since Photoshop CS5 doesn't use Java in any way...
But you could be hitting the Apple bugs where Apple thinks it needs Java, even though it doesn't.
Yes, it was a bit strange as Lightroom was fine but Time Lapse LR also stopped working. Weird.