All of my Adobe CS4 apps beachball in Lion and will not run at all
I upgraded to Lion as well last night, and I also have CS4 design premium (Flash, Photoshop, Illustrator, etc) on a MacBook Pro, late 2008 model.

You must manually reinstall the Java runtime stuff in order for the programs to open (much software update automatically began installing them after I had restarted. Please see the link:

ADOBE CS4 SUPPORT FORUMS for LION

However, Adobe stated in that article that they probably won't release updates for Lion products in terms of fullscreen functionality, etc, but that those things will be included in newer versions of Adobe. CS5.6 anyone?