Joe Gillespie writes that "After installing the latest Adobe Acrobat 3.0.1, the new Acrobat Exchange would no longer launch but just hung the machine. By switching off all my extensions, I tracked the culprit down to ATM Deluxe. Adobe has confirmed this to me today and suggested I revert to the regular ATM." Based on other readers' reports, this conflict may underlie some problems with Acrobat Reader as well.
This reminds me of previous problems, reported here awhile back, that led to the temporary withdrawal of this software. Apparently, some problems still remain.