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Certainly recent comments by Adobe's CTO see a future with HTML5 http://blogs.adobe.com/conversations/2010/02/open_access_to_...

Although Apple's policy is beginning to worry them, it reads more like a HTML5 is a complementary technology rather than a competitor.




But it's so much easier to redefine HTML5 to compliment Flash than it is for Flash to compliment a complete HTML5 spec.


HTML may represent new business for adobe. HTML5 has more to worry about from O/S vendors and browser makers in my view. An example of this is indecision about video codecs. A rich html spec makes life easier for adobe: their primary business is tools (I was told this by a Flex evangelist as he gave people copies of the FlexSDK).




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