Pros
Adobe respects people and provides flexibility and reasonable compensation and opportunities for career growth. The products are generally successful and people recognize and value them. Adobe is good at operations management including managing acquisitions.
Cons
Adobe is not fast-moving, as other reviewers have noted. GM level responsibility is not delegated in the organization as it is in many other larger companies, but sr. managers, sometimes even the CEO, are inclined to make even small decisions. Adobe is aggressively moving R&D jobs to employees based in India, China, and Romania - making it hard if you are US-based especially on the lower end of the skill level. The annual layoffs mentioned by others are really more about shifting jobs offshore - net employment is still rising. Adobe has not for many years been able to generate meaningful revenue growth organically from new products, so has had to acquire it, first Macromedia and more recently Omniture..