Funny, I just found this tech note:
The Adobe PDF Printer is not available or is unusable in Mac OS X Snow Leopard (v10.6). This situation is due to security features in Snow Leopard that disable the Adobe PDF Printer. Adobe Acrobat 9.1 Pro removes the Adobe PDF Printer and adds a new Save As Adobe PDF command. Customers using earlier versions of Adobe Acrobat in Snow Leopard cannot use the Adobe PDF Printer.
Does this also affect Acrobat 8 then...?