Without knowing too many specifics, I'd have to say this may be a good thing.
I've always preferred Adobe software to Macromedia. Flash was probably the only thing keeping Macromedia afloat - that and broad use of Dreamweaver, but all of Adobe's products are well regarded and in good use - Photoshop and Illustrator are the standard for bitmap and vector graphics and InDesign seems to have been marginalizing Quark. Acrobat is widely used as well - probably more than any other Adobe software. Haven't even touched GoLive yet, though.
Maybe this could bode well for Flash. Where Flash is highly inaccessible (when used to design entire sites) and overly abused by many designers, Adobe could take the initiative in making it better - perhaps working with the W3C to make some sort of hybrid of Flash and SVG - a new open standard - SVG compliant Flash? I like Flash as much as the next guy when it's used purposefully, but so many people use it when they shouldn't.
Who knows. Could be talking out of my ass since my Flash expertise is severely limited and my knowledge of SVG is very superficial.
Time will tell.