Actually, it will function correctly, you'll just have to jump through some hoops to get it to work again, despite what Adobe says. Adobe Mac tech "support" strikes again...
First, make sure that you've got the latest version of Acrobat 7 install (7.1.0 at the time of this writing). Then, from within Acrobat, select the Help->Detect and Repair menu item. Make sure that "Adobe PDF Printer" is checked, click "Continue" and let it do its thing. Once it's done, you'll have the "Adobe PDF 7.0" printer listed in your "Print & Fax" control panel.
Next, open the Terminal app using an account with Admin privileges and type:
sudo chmod 4755 /usr/libexec/cups/backend/pdf700
That should take care of it -- at least, it did for me. YMMV.
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