Yes it seems to be so! Adobe's putting up an ad supported version of Photoshop, called 'Express' for online use. Looks pretty feature rich for photo editors. Some links to C|Net are below.
http://www.news.com/2100-7345_3-6163015.html
And a video clip of it in action:
http://www.news.com/8301-10784_3-9790168-7.html
Thanks to Serval for putting me onto this news.