I think everything worth stating has already been said elsewhere… so this is just a link summary.
- Macromedia + Adobe (Mike Chambers) – well worth reading
- Adobe and Macromedia Agree on Acquisition (ASVGuy::SWFBlog)
- Macromedia and Adobe combining (Kevin Lynch)
- Adobe += Macromedia (Take a deep breath) (FlashGuru)
- Macrodobia (mezzoblue)
- Developers react to Adobe’s Macromedia buy and Adobe to buy Macromedia (CNet news.com)
- Macromedia to merge with Adobe (the Register)
- Adobe Buys Macromedia for $3.4B (Slashdot)
and of course the official Adobe FAQ (pdf).
Update: As usual, Jason has taken the time to summarise things nicely.

Adobe and Macromedia
Some people have asked my opinion about the $3.4B acquisition of Macromedia by Adobe (humorous translation by John Gruber). I left Adobe at the end of February, so I have more flexibility in what I can say than if I…