Pros
Fun people, interesting research, creative products and customers. Adobe has some of the smartest folks in the world contributing to some amazing tools.
Cons
Every year sees another reduction in benefits and opportunity. Salaries are lower than industry avg due to previous profit sharing program, which has been canceled without salary adjustments. Opportunities for advancement are minimal with much hiring done outside of company. Projects are often canceled suddenly or compete internally with other teams, and major applications are routinely sent for maintenance development in India or China. The reliance on Flash/AIR for internal tool development limits the abilities of teams to accomplish their goals more easily and reduces inter-team communication. The shift toward advertising metrics is pushing the creative tools development to the side. Lack of leadership at the top leaves many teams wondering what is in store for them.