True, would be simple to aquire Adobe, but also Adobe is very powerful, since they aquired Macromedia.
It might be more haste than it's worth, but if they beat them with their new program then it would make it easier to buy them out later
From what I've heard this isn't available for Mac and considering much of the professional graphic arts industry is Mac based that seems a shot in the foot. MS's history of producing its own file formats which are often berated and bad html suggest to me this won't be and Adobe killer. However, when Adobe initially purchased Macromedia they did so because of the ongoing threat to their market from MS, so they're at least taking the market seriously. Its good to see competition though.