My interpretation is much like Eric indicates above. It seems to me the statement is more about the value of the cloud to photographers, moreso than the value of the photographers to Adobe.
I wonder though, with Lr being as complete as it is, and let's face it.. it is a very capable tool for photographers, how much real value is in Ps for photographers? I know, that many still use ACR/Ps for their workflow, whether that be out of familiarity or something else I have no idea. For me personally, I almost never use Ps. There are three reasons I will take an image to Ps.
2. HDR - which I've done exactly ONCE, and even then for the forming the composite image, then editing back in Lr.
3. Cloning something out of an image that you don't want to be there. Even with the new tools in Lr5, I find Ps to be more functional in this area.
In a sense, I spent a very significant sum for a piece of software (in my case Ps5) that I almost never use. For photographers, has Ps reached the point of bloat? It's a great piece of software, don't get me wrong, and it performs wonderfully for the things its capable of. For most photographers however, I would think many of its tools are overkill. Then again, I may be in the minority where my use of Ps is concerned.
A bigger question, what exactly could Adobe add to Ps to make it even more appealing to the market it serves now? Outside of photography. Perhaps, this cloud concept is a result of "where do we go now?". While not a Ps expert by any means, I still find it impossible to think of something I would want Ps to do that it doesn't already do. If that is indeed the case, what would be the incentive for many to move to..Ps7? I would think this is something that has crossed Adobe's mind(s) as well.. and as many have stated, the cloud offers a continuous revenue stream which somewhat mitigates that crisis.
However, I see a HUGE market (myself included) for a version(or perhaps another product) that addresses the basic things photographers use Ps for now. I would certainly pay for a piece of software that allowed me to do the things I mentioned above, that didn't have the seemingly limitless other tools that I just don't need. One, it should be more economical than a full version of Ps. Two, it does offer things that are more difficult to achieve in something like Lr due to the way Lr works. Before anyone mentions it...Elements doesn't cut it. It COULD, but it will not work with 16 bit files (last I checked) so that knocks it out of the running quickly.
I'm thinking out loud, and may be rambling..lol.