Would Adobe Get In to the Office Suite War?

So Wired is speculating that Adobe is going to get in to the office productivity suite market. While Adobe's AIR (Adobe Integrated Runtime) application is allowing developers to build rich media applications that run on the desktop but use common Web technologies like Flash, JavaScript and HTML, I'm not sure Adobe will build something themselves. Sliderocket is a really cool PowerPoint for the Web, and Buzzword is a nice looking (if simple) Word for the Web. There's Google Spreadsheets, of course, but Adobe doesn't have quite enough money to buy Google. They do, however, have the cash to buy both Sliderocket and Buzzword.

Adobe has built a couple of really nice online photo and video editors in Flash/Flex that meet the needs of many, many casual photo and video editors. But an office suite? Here's what's missing:

• A spreadsheet app: I haven't seen any built in Flex. Does anyone know of one?
• A mail/calendar/task management app: A couple have been built in Flex that are used by corporations on their intranets, but there's nothing big and public that I know of. It wouldn't be too hard to do (especially with Flex as the front end, and ColdFusion 8 with its new Exchange integration on the back end), but it would need to compete on some level with Outlook, and not be feature-minimal.
• A database application: Now this one may not matter. How many people who use Microsoft Office use Access? Not a whole lot.

While I don't think that Adobe would build a competitor to the full version of Office, they may get in to the "Office"-lite area, where Apple recently made a serious challenge to Office with iWork 08. Some people have complained that iWork isn't a real replacement for Office because it doesn't do everything Word does, or crunch huge spreadsheets like Excel. But that's not the market that Apple is going after. They're going after the pretty big part of the office application market (and home user market) that types some letters, needs limited spreadsheet capability, and wants things to look nice. If you need pivot tables, then get Excel. Otherwise, Numbers might just work for you.

This is the space that Adobe could get in to, with fully online apps. Again, I'm not convinced that Adobe will do this, especially as they're all about the Acrobat. A hosted document collaboration and versioning application? Yes.