Although honestly, for something like photoshop I really don't see a problem. It's a creative tool, and probably isn't producing interesting data for the NSA, et al. The real security concern here is Adobe's, in that they want to protect their software from you, the user. They want to set up an annuity-style revenue stream, and the only way to do that is to protect the binary image of their software. So they did that.
Really, the only objection I would have to this is that it adds a (sometimes rather difficult to meet) requirement that you have a solid internet connection to run what used to be a stand-alone application. More philosophically, I object to the horrible waste this kind of runtime requires, particularly of network bandwidth. Perhaps, though, this is the price of saving the premium proprietary software market.