UPDATE: It’s finally been fixed! Download the 10.1 update and commence to TouchingUp.
Another reason to not uninstall your old software…
The Edit Object function (formerly TouchUp Object tool) is broken in the initial release of Acrobat X on the Mac. When you select an image or vector object, then right-click and choose Edit Object or Edit Image, it displays an error alert indicating that it can’t start the editing application.
No matter how hard you try to convince it to use Photoshop or Illustrator, it fails. Adobe is aware of the problem, but no date has been mentioned for a patch. Until this is fixed, you’ll have to use a previous version of Acrobat to do your repair work (if the original application file isn’t available), or use a PDF-editing application such as Enfocus PitStop.
Lucky Windows users — this doesn’t affect you. You can TouchUp to your little hearts’ content.