The first day keynote at Adobe MAX was focused on creativity and was filled with a pile of updates and announcements. In case you didn't watch the live stream and weren't on Twitter here's a summary of the announcements with a bit of opinion mixed in for good measure.

Summaries of the announcements can be found at the following:
Summary 1
Summary 2

One of the most important bits that will probably play tightly into the Day 2 keynote is the release of Flash Player 11 and AIR 3. Probably the biggest part of this release is the inclusion of Stage3D. Details here: Announcement

The next major piece of the puzzle is the Creative Cloud which essentially looks to be a subscription service for nearly every piece of Adobe software from desktop to device applications with a healthy dose of cloud infrastructure to tie it all together. Pricing will be announced in November with a full release next year. They are promising "attractive pricing". Details:

As expected there is a continued focus on putting AIR on any device with a screen, particularly TV's. Samsung, LG & Tivo are all releasing products with support. Press Release

Adobe also went on a buying spree, picking up Nitobi, makers of PhoneGap and TypeKit the defacto webfont service.

Information about the Nitobi/PhoneGap acquisition:
Press Release
Yahoo Finance
Details on PhoneGap donation to Apache Foundation

Information about the acquisition of Typekit:
Press Release

Adobe Digital Publishing Suite, the solution they created for publishing magazines created with InDesign to iOS and Android tablets is getting a new version dubbed Single Edition. The idea here is that for a reasonable price you can release a one-off publication such as a self-published book without paying the much higher fees that the full enterprise solution costs.
Press Release
Adobe Details

They showed two sample publications, a piece created by Eric Natzke about his work and process as well as a magazine called Ease Out that had a story about Mario Klingemann in it. @Mesh says these will be out next month. We'll be sure to mention them here.

Related to the Digital Publishing Suite news, Woodwing, an enterprise solution for managing InDesign/InCopy throughout the entire publishing workflow, is moving to use Digital Publishing Suite instead of the proprietary solution they started out with. Press Release

As part of the Creative Cloud there are a bunch of new tablet apps that integrate with the desktop apps coming out that will be available November.
Press Release
Promo Video

They've released Preview 3 of Adobe Edge. This version includes some basic programming/interactivity support.

Finally, they showed off a little demo of an app running on an unnamed Samsung tablet with touch pressure sensitivity for stylus use. Very awesome.