Recently upgraded from cs5 to cs6 and started having this... difficulty.
When ever I try to move the anchor point, it won't let me! Yes, I'm using the Pan Behind (Anchor Point) (Y) Tool. See the screen shot below, when I try to select the anchor point and move it, it disappears and starts drawing a selection box... or just selects the layer under. Only 1 out of 10 times it lets me grab the anchor point and move it... It's a text layer with a mask.