(I live-blogged this during the keynote; there may be typos, inaccuracies, etc. It has not been proof-read.)

Mike Downey takes the stage.

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Adobe released several new web applications this year and many more are on the way.

In a relatively short timeframe, Adobe acquired an online word processor, created a cool color tool, released a free document sharing tool and announced online versions of Photoshop and Premiere.

Now you might think that this is simply Adobe's latest attempt to grow the company by entering waters previously traversed by the likes of Google and Yahoo! But I feel that there's more to it. Specifically, there is one important advantage that having popular web applications will give Adobe: a new avenue for increasing the rate of Flash Player penetration.

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