It's a tough question to answer. Magento has been bought and sold before, and has continued to be a strong platform with a phenomenal community.
Generally speaking, Magento is well funded and continues to evolve under the Adobe banner.
The roadmap has, at least temporarily, become Adobe heavy as Adobe products are being integrated with Magento.
Magento's annual Imagine conference has been scheduled to be concurrent with Adobe Summit. Magento Imagine attendees will be welcomed at Adobe Summit events. Adobe definitely appears to be focused on the synergy of its brands.
It is foreseeable that, just like with the creation of the Adobe Commerce Cloud brand for large enterprises, they'll be working on additional branding / re-branding for Magento products.
There are unknowns, such as around Adobe's plans for Magento Open Source in the years to come. There are also points of friction with the community, such as around the bundling of Magento Cloud hosting with Magento Commerce licenses as Adobe seeks to recoup their rather large investment in purchasing Magento.
That aside, I'd say that the biggest challenges faced by the Magento community are the upcoming End of Life of Magento 1, and the complexity of Magento 2. There are still tons of merchants that haven't replatformed off of M1. Simultaneously Magento 2 only seems to get more complex, which has its pros and cons.
