Immediately after that you get "Could not initialize Photoshop because you do not have the necessary access privileges." Then Photoshop quits.
The only way I've found to get around this is by deleting the user profile and recreating it. That seems to fix the problem. I did this yesterday for a user, but today the problem has occurred again. Uninstalling and reinstall CS4 does not help, neither does repairing permissions.
What I do is move the user data to another partition, delete the account, then have them log back in, and move everything back over except the contents of their library folder. I do move back their ~/Library/AppSupport/Firefox and ~/Library/Safari folders though. After this Photoshop works a charm. So it's something in the library, but the usual culprits (preferences, app support, caches) don't seem to be causing it.
Has anyone seen this before? What is the resolution, if any?