Help! Fireworks CS5 hangs after Lion upgrade
This may be totally irrelevant, but it fixed a similar problem for me:

Turns out that a flashfirebug file kills the ability of Fireworks CS5, CS5.1 on Macs running Lion to start up:

http://forums.adobe.com/message/3929927#3929927

Flashfirebug (a Firefox extension that I'd forgotten I even had) also creates potential issues with Flashbuilder 4.x, and I've heard that it creates crashes on startup with Adobe Extension Manager and Adobe Updater.  In any case, the link I found above is more useful than my guesses.