I uninstall adobe AIR and adobe.com on all machines that have reader, and I haven’t had any problems yet.
As far as I can tell, adobe.com is just a shortcut to their website (who needs that, seriously?) and adobe AIR is:
FOR DEVELOPERS
The Adobe® AIR™ runtime lets developers use proven web technologies to build rich Internet applications that run outside the browser on multiple operating systems.
What type of developer are you?
So unless you’re a developer, I’d say it’s completely safe to remove.
I don’t know how often they update it, or whether or not it shares adobe reader’s security holes, but if you want to step away from Adobe, then foxit reader is the way to go.