That's how Bob Warfield refers to how Adobe, Microsoft, and SAP are approaching Software as a Service (SaaS). There's something different about Adobe relative to the other two.
Microsoft and SAP are figuring out how to transition gigantic cash cows into a world that is rapidly leaving them behind. Not so much for Adobe.
Adobe bought BuzzWord. They now have an early beta of an interesting word processor. They also have a few more apparently kickass flash/flex developers and creative software designers.
As opposed to MSFT's and SAP's situations, the fact that BuzzWord doesn't compete with other current Adobe products is probably an advantage. BuzzWord as a product may or may not ever matter.
Adobe's strengths in the new world appears to be (1) graphics, especially as they become more web-friendly, e.g. Thermo is hot.
And (2) their own decent runtime from Macromedia, something relatively easy to build upon compared to java or dotnet, from a company with decent developer relationships.
I think considering the company as a whole, Adobe has some good stuff to take into the new world. MSFT and SAP have bigger transitions to make, product-wise and company culture-wise. Not that I would bet much against them, because they are f'ing big and know how to sell software to vice presidents.