I wish they'd just come up with Flash X (sub X for whatever), where the tooling was flash in a flash interface, and geared towards react in a flex-like (flashbuilder) interface. Where the output was a directory with assets that could run directly in a browser/iframe, and svg for vector assets.
A company like Adobe, constantly struggling with accusations of greed and carelessness, should consider this as a PR exercise and budget accordingly.
My guess is that they won't do it because there might be proprietary stuff they don't own, in the codebase. Macromedia wasn't that huge a company, I wouldn't be surprised to learn they embedded 3rd party components here or there. At that point, untangling legals might become very hard.
