I downloaded the cs5 master trial and installed it. When I open Flash Catalyst, I'm not able to open the timelines and design-data panel, it's collapsed at the bottom of the work space, but there is no way to open it, neither by clicking on it nor by dragging the gray handler bar. Even the timelines menu is disabled.
I'm posting a screen shot of the problem.
Double clicking each tab (Timelines or Design Time Data) should open them for you.
The reason nothing is enabled in the Timelines menu at the time of your screenshot, is because your project currently contains no states/pages, or any selectable items.
If you select state 1, and click 'duplicate state' the timeline panel becomes active and expands itself.
Let me know if the above work for you, and if you have any other questions about the Timeline.
Thanks for posting!
Thanks Tara, the double click did it. Regarding the menu, I did test it with pages that contained states, even inside a button component. But it seams that if the timeline is collapsed the menu is always disabled.