Pros
There are a lot of very smart, talented, and nice people at Adobe. The culture (in the SF office at least) is very laid back and creative. The digital marketing side of the business is growing and has a lot of promise.
Cons
The company is very risk averse and generally tends to be reactive (often years later) to industry trends rather than proactive. Additionally, management no longer focuses on doing what is best for the customer, and instead looks at what's best for Adobe (short-term thinking, in my opinion). There are many brilliant people, but complacency and resistance to change are a big problem. Additionally, in company meetings the CEO talks to employees as though they're the press, doling out bland corporate-speak rather than being forthcoming or genuine. An inspiring leader, he is not.