The real way to disable Adobe Updater from your Mac OS X
To remove Adobe Updater, type these commands in a Terminal window:
cd ~/Library/LaunchAgents launchctl remove `basename com.adobe.ARM.* .plist` rm com.adobe.ARM.*
via Life of a Computer Science Student
Update 5/18/12: My Lion and Photoshop CS5 install has it as: com.adobe.AAM.Updater-1.0.plist