Hey, I've been getting this same thing in 2009,2010 and now 2011.
I just set up a quick scene to try it. here are the steps.
create a sphere and then add a cluster to it.
go into paint cluster weights option box.
change the weights around.
Then create two spheres and make a blend between the two new spheres.
Then click the paint blendshape weights option box.
Also in the "target" slot in the tool options you can't see the target/targets.
Can you still paint blendshape weights if you set it up like this?
Thanks for helping out Joojaa! 