Atlas must appear pretty killer to people who haven't seen Flex Builder.
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.