Adobe getting into hosted applications

Word processing
Adobe is acquiring the company that makes Buzzword, a word processor that runs in the Flash player. I found Buzzword through Flex.org's showcase. It isn't quite as feature-rich as Google Docs, but I think the documents look better compared to Google Docs. Read the press release.

Document share/viewing
Adobe is also working on a document sharing and viewing application called, Share.

If anyone is building a spread sheet in Flex, you better let Adobe know about it! :)