You need the the latest ACR update (5.4) from adobes site. CS4 shipped before the 50d was launched so it's not compatable out of the box, there are regular updates to "keep up" with the newer cameras, yours was in the 5.3 if memory serves me right, but theres been another since so the latest version is 5.4.
Get it here windows and mac. http://www.adobe.com/support/downloads/new.jsp
I think someone should make a tut and make it sticky, this question keeps reappearing a couple of times a week at least. I don't have Photoshop, so perhaps someone who does could make it with a few screenshots as a proof of it working.
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