With all of these issues known to Adobe you might suspect that they would move aggresively to increase the performance of Flash in general and Flex in particular. More integrated tools would have also gone a long way in improving the developer experience for flash/flex. Instead, Adobe went ahead with the strange creation otherwise known as Flex 4. Adobe decided that the main issue with Flex applications was their poor 'skinability.' Flash catalyst made no sense, and was totally unusable for serious application development. It was another tool (bringing the count to 3) for flash/flex authoring that did nothing to solve the problems with the platform.
To sum up, if Adobe had: -aggressively targeted 3D gaming from the start -built powerful authoring capabilities in the flash ide rather than supporting multiple development environments -addressed performance, security and cpu issues with the plugin -developed the as3 language -not wasted time on mobile browser plugins -trust the flash ecosystem to fill in gaps as they worked on the platform
the story might have turned out differently. Of course, they didn't do any of those things when they had the chance