Hey! Any advice on this for the newer version?
I am having the same issue.
With all due respect Eric, the ArcGIS 10.1 help tells us to do just that: http://resources.arcgis.com/en/help/main/10.1/index.html#//015w0000003s000000
After a good 20 minutes of searching after finding the above and not having it work, I did find instructions that clarify that an "LAS dataset" is in fact different from *.las files. Which is something the help could be clearer on in the get-go.
It turns out you have to create an LAS dataset in Arc Catalog. And then add LAS files to it. It's buried in the ArcGIS help here: http://resources.arcgis.com/en/help/main/10.1/index.html#/Adding_lidar_data_to_a_LAS_dataset/015w000...