Adobe has started introducing bare-bones versions of its design tools for free including Photoshop Express, which lets users edit photos online. It also has a free video editing tool called Premiere Express.
I never knew these existed.
Here is the link for Premiere Express
http://www.adobe.com/products/premiereexpress/
According to Adobe they say in 10 years everything will be SAAS. I am not sure that I believe that number for business applications like accounting or editing word documents let alone video editing and the enormous files it would need to handle.