CNet | The Open Road: "Columnist John Dvorak thinks that Adobe Systems has a Microsoft problem and that Linux provides a clear solution:" - This has already been done for Adobe, it's called Mac OS X. Now, the one cool thing about this idea is simple. If Adobe developed their own Linux OS we'd finally get a real end-user version of Linux. Do they need it, no, would it make for interesting choice, yes.
If they did it I'd toss out KDE and Gnome, and start from scratch, freshly grown shell from the ground up. Keep the kernel and all the nifty hidden stuff. Add real developer tools, Xcode is a tremendous IDE that makes use of the open source toolchain, gcc and gdb.
Linux doesn't have to be for the hacker only. I work with a few guys, hi Tony and Stuart, that make Linux sing, but 99% of the population don't care to hop into BASH and type arcane commands to get what they want. They want to point and click.
With the proper focus, and a world class company like Adobe, they could make it happen. Problem is, it doesn't really make sense for Adobe. They're all about their applications running across OS'es and making money, not creating the OS.
It would sure be fun to work on! But, it doesn't really make sense.