Rune Hanse, you hitted the Spot in my case!! If dataset is register as versioned, this option is not available. In my case, it was a new annotation feature so i unregistered it and the option become available again. Also is important what it's said in this thread to not having the feauture openen in any mxd on Arcmap. I am using Arcmap 10.2
I think it might be that your annotation is registered as versioned. Please try to unregister as versioned and see if you then can change it.
I am still having this problem too. Last night, all users were off my SDE db, ArcMap was closed, ArcCatalog just opened (and closed/opened more than once after a reboot), but yet the ability to change the reference scale was still grayed out. I really don't see where the lock is coming from.
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