Pros
Adobe offers great benefits for full-time employees, such as free ride for taking CalTrain, $100 commute expense, $30 for fitness expense per month, $10k education assistance program, free drink(milk, sodas, oj, etc), 15% discount on stock purchasing program, almost up to 4 weeks of PTO per calendar year, granting stocks to new hires, employees discount with many well-known vendors(Apple, IBM, etc), and most importantly I really like the free classes and trainings on their greatest products, including Photoshop, Flash, Flex, AIR, etc. Also, you will get a chance to work in one of the leading software company in the world, and they dominate the market basically with very little competition. The company is always profitable and therefore job security is better at Adobe. Although the recent financial crisis will affect Adobe at a certain degree, I think we are doing better than many of the companies out there. I worked for some online advertising agency in the past and if they lost a client or an account, you are screwed.
Cons
Too many layers and too much process. Sometimes it is quite hard to find information or wikis for instructions and procedures to do certain things. One simple task might take forever to finish just because it needs to go through many people.