In the CS5 version of Photoshop, Apple+H doesn't always work to hide the paths around vector shapes when I open the layer styles dialogue.. I used to be able to open the layer styles dialogue (in CS4 and earlier), and if a vector path was visible around the current layer, I could hit Apply H and hide it. Now sometimes it works but most of the time it doesn't..
Honestly, this is the kind of stuff that causes me to get so frustrated with Adobe. New versions of CS software, and tons of stuff that used to work fine now no longer works correctly! If I didn't have to update my creative suite to stay up to date w my clients, I probably wouldn't upgrade..I find the little things like this...and there are so many of them...far too frustrating for the kind of money it costs to buy the creative suite!!