When I attended MAX 2003 in Salt Lake City, there were two big initiatives that were being pushed by Macromedia: Flex and Central. While Flex seemed to promise a great deal of power, features and flexibility, Central was the one with all the sex appeal that most folks seems interested in.
Two years later...
Central is still alive on the Macromedia products page, but there are literally no mentions of it anywhere in the MAX 2005 agenda. Flex, on the other hand, seems to be alive and well. In fact, coinciding with the launch of Macromedia Labs, the alpha of Flex 2 was announced this week.
I think the idea behind Central was great, but users and developers were confused about the actual delivery method and not really excited about a lot of the licensing particulars. So, it seems to me that the Central product may not be around for long.
However, in Monday's general session Kevin Lynch spoke to many future roadmaps including a new technology code named "Apollo" which promises to feature many of the ideas that Central was architected around: data synchronization, offline content, presence awareness, etc.