I understand the frustration, but making random claims won't help anyone. There isn't some licensing issue between Adobe/Microsoft that would prevent you from inserting printouts into OneNote.
Here is how this works and why it fails for some people:
OneNote doesn't know how to print any document. It relies on applications registering themselves for printing file extensions. This registration is in the registry. OneNote checks the following keys:
Assuming the extension of the file you are trying to insert is .pdf. We first check:
HKEY_CLASSES_ROOT.pdf
My computer has this value: (Default)=AcroExch.Document
This gives us the programmatic identifier of the file type, then we check for the current version of the identifier:
HKEY_CLASSES_ROOT\AcroExch.Document\CurVer
My computer has this value: (Default)=AcroExch.Document.7
Then we use this identifier to check if an application is registered to print. This can be either one of the following:
HKEY_CLASSES_ROOT\AcroExch.Document.7\shell\Printto\command
My computer has this value: (Default)="C:\Program Files (x86)\Adobe\Reader 10.0\Reader\AcroRd32.exe" /p /h "%1"
HKEY_CLASSES_ROOT\AcroExch.Document.7\shell\Print\command
My computer has this value: (Default)="C:\Program Files (x86)\Adobe\Reader 10.0\Reader\AcroRd32.exe" /t "%1" "%2" "%3" "%4"
Then OneNote executes the command in these keys. Now we have no idea what application this launches and what it does, we assume it will print the passed in file name back to OneNote. If we cannot find one of the registry keys above, or executing the command
in the key fails (e.g. AcroRd32.exe is not found or is corrupt etc.) we will display the error mentioned here.
The error is not bogus, it says: "The file you have selected cannot be inserted as a Printout. There may be a problem with the file, or you may not have the right program installed. You must first install a program that can open and print this file type,
and then try again."
This isn't about putting the document inside OneNote, it is about the printing part. That is why when you print to OneNote, everything is fine. OneNote doesn't know how to do the "printing" part if the registration in the registry is missing or incorrect.
There can be of course some subtle bug either in OneNote or the application that handles the file type, that causes this to fail even though you have an application that handles the file type installed. Note that if the application is only registering itself
for "open" and is not registering for "print", then it doesn't help.
The registration also surfaces itself when you right click on a printable document in windows explorer as a menu item named "Print". That is why I refer people to check that when they hit this problem.