I just saw your reply (unfortunately I'm at my daytime job now and won't be on my DAW till the evening).
I'll try it and see if it works (and post back the outcome).
I have the latest Rapture 1.2.2 Update installed yesterday no problem (along with the Expansion packs), latest Snow OS X 10.6.6 update, and Logic Pro 9.1.3 latest update too.
I also read someplace here in this forum that another thing to try is delete (or rename, to play it safe) a file called programs.lst or something like that (don't remember), and Rapture will re-create it next time you open it.
If the F5 tip doesn't cut it, I'll try the delete method.
Cheers!