Pros
Adobe has solid pay and benefits, as well as a relatively friendly corporate culture. Certain pockets of the company can be great places to work. Adobe employees earn a short sabbatical every 5 years, which is a unique and valuable benefit.
Cons
Sadly, the management has realized that it is a great place to work and is taking steps to increase profitability by reducing compensation to employees. For example, profit sharing has recently been eliminated, despite sacrifices by employees that helped the company remain profitable throughout the recession. The time off program has also been replaced. The new program no longer accrues time off to the employee and except for the mandatory days like national holidays, getting additional time off is at the discretion of your manager. I hope you always have a great relationship with your manager! Rather than seeking profitability through the creativity of employees, it's now clear that big acquisitions and cost controls (like the nearly-annual december layoff) are the name of the game.