Pros
It is a good working environment. I enjoy working with almost all my colleagues. It is not too demanding and work time is very flexible. I was able to work from home twice a week.
Cons
After the Macromedia acquisition all of sound it felt like we were working at a really big company. It was much slower moving and harder to get things done. Seems like we just keep acquiring companies since they can build things quicker than it would take to do within Adobe. We have had problems communicating to the development community the whole Flex story. There are certain people who just plug along and don't contribute much, while other good people were let go as part of the yearly layoffs. They reduced employee benefits e.g. ability to roll over PTO time from one year to the next eliminated profit sharing, instituted bonuses (at your managers discretion), and are now doing a forced week off each year, they tried to position this as if it was a better deal but no one bought that.