I have to share a success in case it saves someone else a lot of frustration.
I recently got a new Mac, which is running 10.7. I have CS4 Design Premium. I migrated from my old Mac to this one, realizing that I would likely have to reinstall CS4, which I did, as it would not start up after migating. Now, after a restart, any CS4 app will open and run just fine until you quit. The program will not quit, and will require a force quit. Any subsequent CS4 app will start up and immediately hang indefinitely with a spinning beach ball. I tried everything I could find references to, and nothing worked.
Finally, I used Fontbook and validated fonts (File Menu). It found three damaged fonts, I removed them, and shazam, all is good!