Don't get too excited; this isn't Adobe DE for Android. (Can you tell that I want Epub support?) This is only the PDF reader, and it has some fairly steep requirements: Android 2.1+ and a 550 MHz CPU.
Perhaps I'm being too harsh in using the word only, but I was hoping that Adobe would create a Adobe DE for Android by porting Adobe Reader Mobile. Oh, well. Here's what Adobe had to say about the app:
Adobe Reader for Android offers multi-touch gestures, like pinch-and-zoom, as well as double-tap-zoom, flick-scrolling and panning. We've also added a "reflow" mode, which will take text-heavy documents with wide margins, and automatically wrap the content for easy viewing on smaller screens.
There's also a demo video here.