John Nack has an exclusive screenshot of Photoshop Express, the web based version of Photoshop that Adobe is developing and which Bruce Chizen talked about in an interview with CNet.
I don't have a lot of information about the project (and even if I did, I wouldn't be able to disclose it) but according to John, the application was demoed today at Photoshop World by John Loicono, a Senior Vice President of our Creative Solutions Business Unit, which includes Photoshop. Nack's blog is a good one to follow if you're interested. I think it's really cool to see Adobe start building things on top of our own platform and hopefully we'll see more of it.