Pros
Adobe is in the middle of a massive shift from desktop to cloud products and services, so there is a lot of opportunity to work on innovative projects. Very reasonable time off program, with short sabbaticals earned every 5 years. Interesting products and customers. Opportunity to make an impact. A lot of smart & friendly people work at Adobe and there isn't an overly competitive internal culture. Good salary and benefits and no career penalty for keeping a true work/life balance. (This might depend on your manager.)
Cons
Lack of cloud experience slows progress and leads to mistakes and service failures. Adobe doesn't currently have a CTO and the previous CTO was more concerned about pushing the dying flash platform. As a result, Adobe doesn't have a strong technical leader to manage it's primary mission to change from desktop to cloud. Marketing is stuck in old school product cycle thinking.