And no, not the Greek god.
Apollo is Adobe's entry into the system markup field - it's not a web-based programming language so much as a framework for Windows/Macs to use HTML/Javascript/Flash/Flex in the production of rich-client applications.
Basically it's a better form of the Executable HTML files which Microsoft created a few years ago (and those things were terrors).
Frankly, this has potential, and I would love to see its functionality included in the next version of the .NET Framework. Likewise, having something similar built into FireFox for all those web-based applications I tend to use would be quite helpful (which is something FireFox plans for their version 3.0).