No, this wouldn't be the game of Monopoly, but it would be a familiar Wall Street game of corporate take-over... and a stupid one at that.
After the Time Warner / AOL fiasco has resolved into a case of "what were they thinking!?!" and BEA smartly tells Oracle to stuff it, let's look at the idea of Apple taking over Adobe.
First of all, Apple is a company that CEO Steve Jobs has somehow managed to steer into remarkable growth. Ten years ago they merged and integrated with NeXT. Probably not all that hard since both were Steve's babies and both were geographically located in the same place and both were relatively small in terms of staff size. I'm sure the corporate culture transformation had its bumps, but not too bad.
Just imagine merging Apple and Adobe, which I believe is housed in Seattle. Now we're talking about a two-campus company, rewriting the corporate management style-guide, firing sales staff and overlapping departments, yada yada yada. That would be mess #1.
Then think about the move of the Adobe code to Apple technology standards. Only an idiot would think Photoshop needs to be re-written as a Cocoa app. Do you really think we would get a better version of Creative Suite 4 next technology cycle? The new product development plans would evolve into mess #2.
Apple does what it does well: they REALLY innovate and focus on User Interface evolution. They see software market opportunities (Final Cut Pro, iLife, Aperture, etc.) and they expand their product line slowly and carefully. They are for the computer industry what Southwest Airlines has been for the Airline Industry for the past 30 years. If they bought Adobe (and other vulnerable software companies) "just because" without any strategy or focus they would become as irrelevant as Sony or Microsoft are becoming.
Now what would be nice would be seeing them slowly and steadily applying their cash into the hiring and development of the best & brightest of computer programming (and hardware engineering and design) talent. Don't buy Adobe and get stuck with some brilliant and some mediocre programmers; poach the top talent away from Adobe with top paychecks. That's my Good Idea #1.
I have one more Good Idea #2: create an incubation machine that finds programming talent and innovative spirit and spins off small software companies that can write incredible native-Apple killer apps. Apple has the corporate strategy, the design methodology, and the technology. They also exist in only one geographic location in the country. (And I, a developer in New York City, would kill for an opportunity to do Apple-platform development without moving to CA.) And I will agree that there are many apps and utilities that are needed--especially in the business/corporate IT niche--that exceed what the small Shareware developers can manage. If Apple could spin-off smaller Apple subsidiaries that had a stronger link to "the mothership", and if Apple invested some of its cash reserves into ongoing but cash-strapped projects (Gimp and OpenOffice are real, albeit imperfect, examples) we might get somewhere.
The really interesting challenge will be if Apple can grow in size while avoiding the bureaucratic morass that large corporations so often become. We shall see what the future holds...