I predict that within a year, Google will have purchased a small company called Jotspot that makes tiny little AJAX-based utilities. The coolest one is a collaborative Excel-like application. Would fit nicely with the Writely Word-like collaborative application they recently purchased.
This one is more "out there" but I wouldn't be surprised if they purchased Adobe. (I have no idea how much Adobe is worth or if Google has enough cash, but it makes sense... in order for Microsoft competitors to have more of an impact, there will need to be fewer competitors. It's like termites. They can do a lot of damage to your house, but if you're smart, you'll call Terminex and the problem is solved. Unless there was only one termite and he was as big as your house and he came and sat on it and your house fell over.)