Basically – nothing that requires Flash Player will display ….
This includes Adobe’s own “if you can see this, then you have the latest FP” – yet under the installed programs list, Flash Player appears
under the installed programs list, Flash Player appears
Does it say 'ActiveX' on that line? That is the add-on for IE.
If yes, and the add-on is enabled, and ActiveX filtering disabled, then I don't understand why it does not work as expected.
The only suggestion I have left is to try a clean install: http://forums.adobe.com/thread/928315