Pros
I'm an adjunct professor at LCC. We make a lot more per hour than a lot of community college adjuncts, and we have opportunities for advancement. There are 3 levels of adjuncts. After teaching for a few semesters, you can apply to the second level, which gives you a slight raise and a guarantee of at least one class per semester. After that, there is a 3rd adjunct level you can apply to (if there are openings for it in your department) that guarantee you 12 credit hours per semester. That's much better than the adjunct situation at a lot of schools. Also, in my department, adjuncts are valued and treated equally by the full-timers; however, I've heard that is not the case in many departments.
Cons
The administration is very concerned with making the campus look nice and doesn't necessarily take the instructors' opinions into consideration. For example, a remodel of our office space was done a few years ago. Instructors were against an open office concept, but it was still implemented. It is very difficult to concentrate in the office because you can hear everything that everyone is saying AND there is very little private space to conference with students. In my department, there are only a few small private conference rooms, and during peak times, they are all used up. Once I had a student come to my office hours crying and told me she was homeless. There was no private space in the office at that time to talk more discretely with her. I felt terrible about that! And that's just one example. I've had several conversations with students that should have been more private but there was no place to have that conversation.