Microsoft is making some moves that look quite threatening to Adobe. Microsoft is building applications to replace Photoshop (PSD) , Acrobat (PDF), and now Flash (SWF). Microsoft's calling it's Adobe-killers Acrylic, Metro, and Sparkle. A little more of that embrace, extend, and extinguish we all love? Maybe.
By the way, with the new Core Graphics, Core Image, and Core Video frameworks in Apple's Mac OS X, I suspect that Apple has laid the foundation for a similar move if they think it's necessary. But Adobe got its start with Apple, and Apple in turn uses PDF everywhere in Mac OS X so I think Apple contributing to Adobe's demise is a much less likely outcome.
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