IBM did something similar years ago (circa 2003) when they opened IBM branded stores (they demanded customer lists from authorized resellers, who had to fork them over to keep their authorized status)...IBM sold directly to the public and all the customers of resellers, in effect eliminating the reseller channel. What happened? Resellers boycotted, and IBM did a quick about-face due to a massive drop in sales when they realized that they weren't selling as much new stuff and spare parts (people call their computer guy when stuff goes sideways, and this is a pretty big segment), and had very crappy expertise in the field and when handling the public. Major manufacturers reeeaaallly want the margins on retail sales, but they also reeeeaaally don't want to deal with the public (with exception of Apple). Ever had to deal with a major manufacturer before? I have. It sucks. It's SO depressing knowing that I'm basically on my own. Most do whatever they can to spend $0 on support and disclaim responsibility (even though selling direct gives them the margin to pay for this support. Assholes). There's a reason why we have retail centres...these places are populated with the people that can best handle the (local) population. We need them.
Good luck Adobe, but I predict they will try it, fail, and go back to the "buy it" or "rent it" choice.