Pros
There is a lot of pride in what we do at Adobe; we help people create great stuff and do their work with less hassle, and that is very satisfying. The company cares about employees a lot, and does a pretty good job with work-life balance; the typical Adobean is a 'nice' person. The business is also very strong; growing and highly profitable. There is a definite sense of mission at Adobe, and if you are capable and motivated, there is a real chance for you to be able to 'put a dent in the universe' and change the way the world looks, works and plays (look at Photoshop, PDF, Flash and Flash Video for examples).
Cons
There is a strong concensus culture, which can occasionally get in the way of effective decision making. Coupled with that is that sometimes people can be a little 'too nice'...not that there isn't lively debate or room for dissent, but depending on your style you may occasionally feel the need to bang or knock heads a little harder (or maybe you'd be glad that you don't have to bang/knock heads as much as where you work today ;-).