I have just spent about 30 minutes looking up on it. It
definitely looks promising, but it will only make an impact similar
to Flash during the pre-DHTML era, in my opinion.
Indeed, it's easier on the web developers as they don't have to
pick up another few more languages to code a desktop application,
and Adobe solves the OS platform compatiblity issues for them as
well. But the barrier of having to download and to install the
application for the users remains. The HTML and JS code may not be
rendered in the exact same way as on web browsers unless it's
WebKit-based such as Safari. So it's just as good as pushing
everyone to use Safari to surf the web. And even if this AIR thing
gets popular, Microshyt is simply going to come out with a clone
and replaces the technologies within with its own proprietary ones
(say, instead of WebKit, they use their own IE rendering engine),
just like Flash and Silverlight. So at the end of the day, the web
developers are simply getting more headaches with all these new,
emerging technologies.
To add on, due to the difference how security issues are handled by
web browsers and AIR, a moderate to large-scale web application
will probably not be able to fit into both platforms without major
editing required to adapt to one of them.
Furthermore, if a programmer only needs to create a cross-platform
desktop application, that dear old coffee-flavoured Java will
always be there.