I have been told by Adobe support that this is not a bug, but a security feature.
Our company has, over many years, developed for our most important software application a PDF help system with hundreds of books and thousands of pages. There are myriad links between and within the books. In order to make navigation through this morass easier, we have provided our users a starting "Main Menu" with links to the books. We also set it up so that only one PDF is open at any given time ("open in same window" option), otherwise a user could end up with hundreds of open PDF documents on their taskbar or desktop. We also have our users take advantage of the "Previous View" mechanism to make it easier to navigate while keeping only one window open at a time. (The browser "Back" button trick will not work with PDFs that have been closed).
However, Since version X of the Reader, the Previous View mechanism will not work with PDFs that have been closed. That is, you can only get back to a previous view in another PDF if it is still open. As mentioned above, this would could leave our users with hundreds of open PDFs, and thus it is not an option for us. But Adobe has ignored our pleas.
You must vote with your feet; that is all Adobe understands. Adobe does not care about our needs and we have given up on them. We are currently telling our users:
"If you use a non-Adobe PDF reader, you will be able to install it on a system alongside any version of Adobe Reader, including version 10. We have found that Tracker Software makes an excellent free product called PDF-XChange Viewer, which may be downloaded HERE. PDF-XChange has a smaller footprint, is faster, and has more features than Adobe Reader, including a 64-bit version for Windows XP/Vista/7.
To set up this program to optimally use our help system, go to Preferences, and under "General," specify that the Documents Layout be Single rather than Multiple. Then you will be able to use the Alt keys with the arrows, or the Previous/Next View buttons on the toolbar, with closed PDFs."