Adobe and Avid have reported only minor issues with their applications on Mountain Lion, in a pair of posts on their respective websites.
The main issue with Avid's software is related to the Gatekeeper security feature:
Avid is in the process of preparing code-signed versions of our applications and plug-ins that are compatible with Mountain Lion. We realize that users will temporarily wish to work with versions that are not yet signed. Unsigned software can trigger warning messages from Gatekeeper which Avid users can easily bypass, then proceed to install and run their software.
Adobe says that there are no known issues with Adobe CS apps and Mountain Lion.
Adobe and Apple have worked closely together to test Adobe® Creative Suite® 5, 5.5 and CS6 editions and individual products for reliability, performance and user experience when installed on Intel® based systems running Mac OS X Mountain Lion (v10.8). Earlier versions of Adobe Photoshop® (CS3 and CS4) software were also tested with Mountain Lion and there are currently no known issues.
Adobe requests that users discovering problems report them to Adobe.