Upgrading my iMac to Lion resulted in Adobe Fireworks CS5 hanging on launch. My home iMac experienced exactly the same issue after the upgrade to Lion (both iMacs are less than 12 months old). Home iMac issue fixed by repairing the disk with Disk Utility. I tried the same fix with my work iMac, but it didn't work. Any ideas anyone? This is very frustrating as Fireworks is badly missed a laggy Windows version in Parallels is a poor substitute. Help badly needed!
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:
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.