How will it affect the market - that is the main question. And the answer, alas, is the same as the answer to all those other aquisitions over the years: it will serve to contract the market and maintain Adobe's position as a quasi-monopoly. The outlook is continued very high prices and continuing very sluggish development.
I keep hoping for a couple of real competitors to emerge, but Adobe won't ever let it happen. The only real light on the horizon was Paint Shop Pro, but that is now part of the Corel empire and (as always happens with Corel aquisitions) seems to be rapidly getting bigger, slower, and riddled with bugs.
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