Lightroom :: 4 Adjustments Won't Render When Sent To PS

I upgraded to LS4 without a  hitch, and updated my catalogs. Everything seemed to work fine for a few days. Then I tried to drag my LR catalog onto another drive and open it from there. Afer that, it all went down the tubes, regardless of which copy of the catalog I open.
 
Normally I'll make adjustments my my imported RAW files in LR, then hit "command-E," and edit original to PS CS5.1 (all software is current release), with LR adjustments rendered to that TIFF file. Now, I don't ever get that dialog box, but I do get another box telling me to update to Camera Raw version 7.0, which I understand is not available yet. So I hit "open anyway," and the image appears in PS but without any adjustments. Furthermore, it appears to be an opened CR2 file, rather than a TIFF. I didn't even know PS could open a CR2 file without the Camera Raw plugin dialogue launching. So, it appears I have a CR2 file opened rather than a TIFF, despite the external editor presets being correct (TIFF, 16bit, etc.).
 
I can render it using lightroom, but that doesn't work for me because I need to be able to not save a tiff I've created (layers of different adjustment settings I discard), I need to be able to click "don't save" but that way just automatically saves them. Also,