This is a two part question:
I would like to know where does Oracle ADF 11g stand as a framework to develop / deploy Web / Java EE Applications as compared to other fra
My perception of and experience with ADF is that it is a very solid and robust framework (unfortunately, the development tools are not.) I'm not sure there's much competition to it, at least, not from a single framework. ADF itself is really several different frameworks combined over the years into a mostly cohesive product. Now that Oracle owns Java, i really expect (hope) parts/much of ADF finds its way into Java EE-proper so we can maybe see alternative implementations and better development tools. If that were to happen, it'd pretty well solidify ADF's future (as long as Oracle doesn't screw the Java community in the meantime and push them to alternative VM platforms).
If you are already familiar with or want to work with Oracle(-related) products, ADF is what you want. Given the market penetration of Oracle, it's probably a reasonable bet that they'll remain dominant and your skills will remain marketable for years to come. Oracle is spending lots of money and acquiring lots of companies to try to own and retain the enterprise.
The SaaS question, to me, is a little harder to answer. While it does seem to be moving in that direction, it's not clear to me if it's mostly marketing's attempt to give it that push or if business-need is driving it. And there are lots of questions i don't really track such as business trust of the cloud for critical data and reliability.