Start on page 1 of this article for an overview of the news at Adobe MAX. An interesting competitive dimension:
In an attempt to not be outdone as Adobe celebrates its success at its annual user/developer conference, Microsoft weighed in with a few points around its Flash competitor, Silverlight. Scott Guthrie, a corporate vice president in the Microsoft Developer Division, blogged about Silverlight's successes and rehashes several recent announcements to hype the platform. The one new thing he mentions is but a tease.
The Flash/Silverlight competition is going to remain relentless – a very positive dynamic for developers/designers seeking to create compelling “rich Internet applications” across a variety of platforms (OS and browser) and device types.