Pros
People focused: Adobe really makes it a real priority to retain good people. What's different, at Adobe, is you can be rewarded for deep area expertise alone. There doesn't seem to be a press to discover everybody's path to Senior VP. Instead, if you do a great job and your talents are needed, Adobe will try to keep you. Strong rewards: pay is equitable if not better than peer companies. ESPP, in particular, is ridiculously good. Health care is similar to most high tech companies but they do offer pet insurance which is somewhat unique. Management: very open, addressable; feels like a small company at times. True performance-based review process: no bizarre stack rank, no funky "grades", just a straightforward conversation with your manager about how you've done and where you're going. Work/Life is second to none: Need time off? Take it! No limit on PTO. The simple agreement is, simply, make sure your job is taken care of.
Cons
Things can be a little frenetic. As Adobe shifts from the old to the new, some plans come in at the last minute. Hierarchical career movement may be limited. Org structures are pretty flat so, while your scope of influence may grow, you might stay in the same spot in the chain of command for some time. There is some discipline-specific segregation, typical of a mature software company (e.g., testers only do this, marketing people only do that, etc). I think this is more of a holdover culture from older employees as I don't see any segregation coming from higher levels.