I'm posting this to help others find the answer to this bug.
Vista is running fine, but Adobe Photoshop Elements 5.0 had me pulling my hair out... after patching it up to v5.0.2 like Adobe says, and importing my catalog from my old computer, like Adobe says... the Organizer application wouldn't run. It showed me a splash screen, then disappeared.
Task Manager told me that it was running, but it wouldn't open a UI.
After much fooling around, un-installing and re-installing PSE, I finally found this article on Adobe's support site.
Apparently, the file monitor service breaks Organizer on some Vista sysems (like mine). To fix it, I simply turned off the service. From Adobe:
Solution
Turn off the Active File Monitor service.
- Choose Start, type msconfig in the Search box, and then press Enter.
- On the Services tab, deselect Adobe Active File Monitor V5.
- Click OK, and then click Restart.
Note: You may not be able to use the Watch Folders function if you turn off the Active File Monitor service.