When restoring OS X from a Time Machine backup (or by any other means) you may encounter problems with Adobe CS applications. When you want to start an Adobe CS app, this message can appear:

'Licensing for this product has stopped working'

This is what Adobe have to say about this know issue:
The Flexnet folders/files required to run Adobe applications can get corrupted, or have permission settings problems, if moved from one machine to another, or through a system restore from Time Machine. Flexnet service licensing failures can't be resolved by re-installating the appliaction, nor will the Adobe CS3 or CS4 Clean Scripts solve this problem. If permissions issues prevented the FLEXnet licensing service from launching, accessing its data, or communicating with Adobe processes, the licensing failure is expected.

The solutions may vary, but your best bet is to delete the following folder:

[hard drive]/Library/Preferences/FLEXnet Publisher/

For more information and further details refer to this document:
http://kb2.adobe.com/cps/512/cpsid_51260.html