I have similar problem. When I first installed everything seemed to work well. But then Flash began opening slowly and once the properties panel was accessed it became too slow to use. I spoke with adobe support for around an hour and they ultimately told me to reinstall. I did this with no change in outcome. I then reinstalled my graphics driver and that improved performance so now I can use Flash, but it is still extemely slow. I've noted that on the Windows 7 compatibility page Adobe says that CS4 has been tested with Windows 7 Ultimate and everything is fine. Perhaps it will only run well in virtual xp mode. Other thing that could be a problem is use of a wacom tablet and it's drivers. I have to reinstall these frequently and there appears to be a conflict with the windows 7 tablet pc features in that on a couple of occasions these have started up with my tablet.
I suffered with installing and uninstalling. I upgraded drivers.I even
got the local software store to get me a new copy of cs4.Eventually I
gave up and now I duel boot "7" with XP (32 bit). I run the cs4
programme when I boot into "XP".It works well.When Adobe develops a
version that is compatible with 64bit I will upgrade and take advantage
of the improved performance.