They would merge the Flex team and the Flash player team, and truely support things like MXML in the player. Why in the world do you need 2 entirely different ways to build applications in Flash? Why doesn't the Flash player itself understand Flex...
Flex is going to be open sourced! http://ajaxian.com/archives/adobe-announces-that-it-will-be-opening-flex-under-mozilla-license http://labs.adobe.com/wiki/index.php/Flex:Open_Source How long till someone ports it to .NET?