I literally just started a new thread on Microsoft's support page about an hour ago ===> Editing PDF's from Sharepoint library using Adobe Acrobat 10/11
I'm glad we're not the only ones, and are very anxious to get this working. On the downside, Microsoft seems to have the stance that this is not an out of box feature and its not supported because its Adobe :-( But there has to be a way to get this to work. Also, as I mentioned in the ticket above, the desired behavior happens when searching for a specific pdf. The SharePoint server option then shows up in Acrobat.