Pros
Adobe (the formerly-Macromedia part, anyway) is taking the lead in rich client development. They are taking the mindshare away from Java on the client, which means more developers use what you work on, which is a good place to be. Aside from working on cool technology that actually gets used, you don't have to give up your life to do it. I feel my management is very flexible about letting me work from home as needed and sets realistic scheduling expectations. I'm also getting paid enough of a base salary to live in the SF Bay Area and the profit sharing is a nice bonus as well.
Cons
Some parts of the company are getting long in the tooth and jealous of the new kids on the block. There are two Adobe's -- the original Adobe that developed all of those fonts, PostScript, Acrobat, and Photoshop, and then there's the Adobe that used to be Macromedia. The original Adobe has a very corporate feel and the new Adobe has more of a free-wheeling, agile feel. That could be because it's younger.