Pros
At one time Adobe was a great innovative company. There are still some technically challenging and interesting projects to work on if you are in one of the right groups. A lot of smart people to work with and in some areas leaders in the field.
Cons
Management is perpetually confused and running back and forth with yet a new direction every other year and in the years between complete new directions they change the way that they are implementing the direction they chose last year. Employees have to be very careful of what projects they are working on when the direction changes or you'll be out the door in the (almost) annual Christmas layoff. Benefits continue to be cut to the point that there is no longer any guaranteed paid time off but only a possibility of a couple of weeks at the discretion of your manager (no accrual, no guarantees, no liability if you leave or are laid off). There is no consistency in promotions and a number of managers run their own little fief-doms where they implement their own promotion policies (i.e. promoting women only).