Adobe has a knowledgebase article on this.
http://kb2.adobe.com/cps/905/cpsid_90508.html
Adobe Reader plug-in and Acrobat plug-in are not compatible with the Safari 5.1 browser, which will ship with Mac OS X 10.7 and for 10.6 in July 2011. Adobe Reader and Acrobat will continue to work as standalone applications on Mac OS X 10.7 and 10.6, and will render PDF documents outside of the browser. In addition, Safari 5.1 renders PDF documents natively. However, the Adobe Reader and Acrobat plug-ins will not function as expected in LiveCycle and Acrobat workflows that require either plug-in to render PDF documents in Safari 5.1.
Recommendation to Customers/Users:
For Acrobat customers who utilize functionality like forms, digital signatures, portfolios, guides, 3D, extended PDFs and rights management, and who require the Acrobat plug-in to render PDF documents in the Safari browser, Adobe recommends that you continue to use Safari 5.0.x and Mac OS X 10.6. We will provide updates as we continue to investigate this issue.