I have a similar problem. Got a new machine recently with vista home prem. The first time i went to view something and got the message about installing flash I went directly to the adobe troubleshooting. Went to find the file specified to run as admin-no such file, no macromed folder. Downloaded flashplayer 10 from adobe site, following all directions. Installation reported to be successful, but on the final page that pops up to check installation nothing worked. Un-installed with adobe's un-installer, reinstalled, re-booted---NADA. Did this twice already. Very frustrating. And when I go to the flashutil file to run as admin, it tells me that an update is available, I continue, something is downloaded, installation is confirmed to be successful, and still-NADA. When I repeat this action, I get the exact same process repeated "an update is available...'. Round and round we go, but never works.
Any help is appreciated!!!