i have cs4 on the mac
i cant get that short cut to work
you hold down
shift control alt command when you start the program - the program just starts as normal without any message about deleting preferences
If you are on a Win machine, should press Ctrl+Alt+Shift during startup; on a Mac it is Cmd+Option+Shift.
It should work in CS4 as well. But you may try moving the folder instead.