Having the development environment hooked up to the visual mockup designer is a key element for quickly bringing apps that the business likes and IT approves of.
If they can get this right, there is a lot of money here. Especially considering the amount of lazy IT shops out there.
Cappucino uses good old XHTML and javascript. If you look at browser advancements in Javascript just in the past few months alone, 2 years from now technologies like flash may only be useful for very niche circumstances.
Does it really? When I view source on http://280slides.com/Editor/ I don't see much HTML. Does Atlas generate HTML or something else? In what ways does Cappucino participate in the open Web?
While it may not be the most readable XHTML in the world - at least it doesn't use a plugin to do that work.
The great thing about an IDE like this is that it can be a foundation for RAD projects - it could let IT departments finally move those aging VB6 / Access applications to the web.
Building actual business applications on top of this, even if you know how the web works, has always been pretty much a kludge.