To all who have upgraded to CS5 and have noticed that the action no longer works.

This is caused by new code clashing with legacy code. Luckily it is easily fixed.

In the plugins folder for PS5, you need to remove the old HSB/HSL plugin. On your install disc there is a folder called optional plugins. Inside that there is a plugin called "optional Multiplugin.plugin".

Pretty catchy name by the way!

install that and the action will work again without a hitch.