Where does Adobe Edge fit? It is still in Preview phase but will be released soon. After some research, this is where I see its current state. Correct me if I missed anything.

What it is currently good for:
Creating banner ads for phone browsers.
Opening your html pages and adding sweet little animations. (HTML opens right up as a regular css webpage and you can add flash like effects to any div on your page)
Preparing for the future.

Pros:
It is compatible will all new browsers without any plugin conflicts, like apple has with Flash.
It is based on HTML5, CSS3 and Javascript so it is easy to work with other developers without them having to know Adobe Edge.

Cons:
It cannot be used in older browsers which right now is roughly 40% of the population*
Some advanced programming features are still much faster in Flash.

I would bet my savings that HTML will eventually take over Flash applications, so now is the time to start learning jquery and html5.

*css3 compatibility
*ie6-7 and 8 reach