I have this issue as well. Installed the update - which sits alongside Dreamweaver CC, rather than updating it, so once again we've got multiple Adobe apps of different generations clogging up the machine. Double click, and it appears to launch then exit immediately.
Running Mavericks with Java installed to suit Dreamweaver CC, which still opens fine. Have updated extensions manager, but not all the CC apps due to the download time. Nothing in console, installation appears fine.
Looks like an issue I saw with Java before, but Java is installed and CC remains working, it's just the 2014 update that won't launch.
Dreamweaver does seem to be the most troublesome part of CC overall.