WotC has the potential to sit a group of designers down with the instruction: Make The Best Adventure Ever Written. The stuff coming out of Dragon is good. I really like their adventure paths, and the one-shot modules are also usually very nice. They've got a team working full-time on making this stuff and it shows. Now, WotC's previous offerings in the adventure market have been fair-to-middling. But I think that was a lack of effort. They just said to a bunch of authors, "make us an adventure for levels X to X+3."
If they went at adventure design aggressively, put a team of authors (and sous-authors) together for each project the way they do for sourcebooks, did extensive playtesting, packaged the thing up nicely... I'm thinking a series of unconnected mega-modules of City of the Spider Queen or RttToEE scope. Stuff that you can send your party into for 6 or 8 levels, and which are robust enough that you can roll up characters of the appopriate levels and just play that one module instead of a full-length campaign. And since they have the resources and staff for it, they can really take a running start at making them really, really good adventures.
While Dungeon has the position to corner the market on "adventure paths," which are connected but don't necessarily have to be (since they have an adventure-a-month format they can exploit), WotC has the ability to create higher-priced soft- or hard-cover modules. Instead of quickly cranking out a bunch of mediocre modules like they did when 3.0 came out, they could put some time and effort into modules that are designed to be the modules we'll be talking about in five or ten years.
So, I'm less than enthusiastic about the initial direction they're going. Fane of the Drow is a scene, not an adventure. I'm not so sure about (the skimpy-looking) Sons of Gruumsh, either, although I'll wait for the reviews before making judgement. But the last thing I want to be paying for is disposable adventures, or these new adventurelets like Fane of the Drow. I like adventures that have enough room in the book to flesh out some locations, some NPCs, motivations, plotlines, etc. I'm tired of pamphlet-sized adventures that are essentially three fights and a pile of treasure. I see a lot of potential for WotC to get back into adventure publishing in a powerful fashion, but it remains to be seen whether this is something that they'll jump into with both feet or something they're just waving some cash at in the hope that it pans out for them.