I have had my share of frustration in getting this tool to work properly, but I think I may have found at least a partial workaround.
1. Do all of your work in a "dedicated" file geodatabase (not a personal geodatabase). I think that this may be the most important thing.
2. For your map document (.mxd) set your default geodatabase to be your :dedicated" file geodatabase. (From the ArcMap "File" pull-down, select "Map Document Properties" and then browse.) This also sets the "Scratch workspace".
3. Make sure all of your input data is in this file geodatabase. (In my case, the geodatabase contains a feature dataset that contains my contour feature class.)
4. At this point it might be best to save the .mxd and then re-boot your computer. (This step may not be necessary, but I often find that by clearing out all the memory, this sometimes gets a tool to work successfully. This can only help, but it will take a couple of minutes.)
5. Open the .mxd.
6. From ArcToolBox open the "Topo-to-Raster" tool.
7. For the "Input feature data" it may actually be best to browse to your contour data rather than using the built-in pull-down. (I don't know if it is really necessary to browse.)
8. Once the feature layer has been input, just verify that the "Field" that the software automatically defaults to is really the field that you want. (In my case, the desired field was called "Elevation" and defined as "Double")
9. For the "Output surface raster", be sure to place the output into the same "dedicated" file geodatabase.
If anyone else is successful with this procedure, please post.
Good luck.
Josh