"Adobe Systems wants to replicate its success in video space in the Voice over the Internet (VoIP) arena, making it easy to embed voice into web applications. [...] Sources say, Dr. Henry Sinnreich, generally known as “The Godfather” of SIP (the Session Initiation Protocol) is helping the team, though we have no details about his role within the project. He was most recently the chief technology officer of Jeff Pulver’s VoIP greenhouse, Pulver.com, and prior to that worked for MCI."
Om Malik has the scoop on his blog: GigaOM - Flash In The VoIP Pan.
Found more information on this blog, an interview with Adobe's Bhana Sharma, Entrepreneur in Residence.
Bhana: There is no intent to be a phone service provider - rather we
just want to be a platform where service providers build all sort of
clever applications. As long as the inheritance capabilities on the
player and the platform are as good as any softphone and developing a
workflow and a graphical interface & services and apps -- which is
where hopefully they will make money some day, instead of PSTN
replication, which is what the whole industry is doing right now.
Tom: Are you supporting SIP
Bhana Sharma: Currently we are only supporting H.263. In the future we’d like to support things like SIP. As you know we’ve brought Dr. Henry Sinnreich, onboard.
Tom: Yup, the grandfather of SIP
Bhana Sharma: Henry works on my team and he’s definitely going to be helping us on understanding how SIP applies. So we’re definitely serious about this space which is why we’re putting this rock solid team together.