As has been chronicled in the bball uni thread, I preferred Nike but have come around to adidas as of late. Originally I wanted UA but the past year or so has scared me off them.
To me, they appear to be heading in the wrong direction financially and just in the general direction they're taking their brand/company.
On the other hand, as many have stated, adidas has re-emerged after some bleak years including a long time where their team apparel was pretty bad. Fast forward to now and they, not UA, appear to be the hungrier more innovative brand.
I think this partnership will benefit us, even more so than Nike would've. For them, we're just another notch on their belt. For adidas, it's likely that we'd get a bit of a VIP treatment. Oh, and don't look for us to have some weird outlandish unis.