...should have seen them go go go...
Adobe's announcement of Apollo is a big deal. The quest for a routine way to generate Rich Internet Applications (RIAs) has been a troubled one: Ajax/CSS is great but hard to make work across browsers, and Flex is great and works across browsers but is controlled by a single company (again, Adobe).
Apollo matters as the next step in Adobe's efforts to become the Microsoft-of-the-cloud.
By all means take a look at Ted Leung's terrific set of posts on the quest for the next great world-scale development environment.