Actually, my copies of Acrobat Reader do not have the ability to save to
RTF. Version 5.1 has Export to Text, and Version 6 has Save as Text--which
don't preserve any formatting.
Version 5.1 does have Save As, but the only option is .pdf. Version 6 has
Save a Copy, but again, the only option is .pdf format, not .rtf.
Using the free reader, I believe the only free option for retaining
formatting is to copy to the clipboard and paste into Word. If the document
is columnar, you'll have "fun" trying to line the pieces up. As you
suggested earlier, there are some products that allow you to open .pdf files
in Word for editing (scansoft.com has one such product, but I can't vouch
for how well it works, since I've only dabbled briefly with it), but I'm not
aware of any that are free.