Three years later, no reply, and I too have the same problem.
I was looking at the printpdfs webpage and tried to discuss the page (already logged in but it refused to recognise that).
No matter what binding or orientation I set the result is always binding on the long edge so the back pages are upside down. The combination to use the short edge produced four pages on one side.
Using Reader X (10.1.7 - latest) printing to HP Photosmart all-in-ine printer C309a.
Same problem here.
This is a new problem as it used to work correctly. Not sure how long ago i printed something but i have gotten a few problems since then with printing with Adobe Reader.
I spent all afternoon on this and I've finally got it! This is counter intuitive to me because the 17x11 paper is printing in a landscape mode to create the booklet, but since the content is actually coming from a document where the orientation is portrait...drum roll please... The trick is to click Portrait under orientation in the Booklet section of the Adobe Print screen. Binding is Left. I did not check the "Auto-rotate pages within each sheet", whatever that means.
Hope this helps future hair pullers!
This did not work for me, using Adobe Acrobat Pro X.
What ultimately worked for me is to set the Adobe Acrobat X print setting to regular printing, then use the Booklet option on my printer (Xerox ColorQube 9301) to print. Then it came out properly.