Future of Flash after acquisition
Adobe has strong presence in video market, which will obviously help Flash's video capability, with already the most effective way to put video on web, the capability is still under used.
As far as server-side initiatives, Macromedia still lacks the foothold in the enterprise development market. The recent development with SAP and Flex are rare. Adobe, being a cash rich company, with limited presence in this market will surely back products with good marketing support.
The article does not mention Macromedia's initiatives on the mobile market with FlashLite. As far as I know, Adobe has no presence here as well.
Also check out the exhaustive details in the FAQ on Adobe Macromedia acquisition on Macromedia website.