Pros
Great work life balance and I enjoy working with everyone I've had a chance to work with. All kinds of benefits - great medical, good salary, work from home, sabbatical, fitness reimbursement, 3-6 months mat leave, 2 weeks of shutdown plus lots of vacation days, adoption bennies, and more. Working hard is not difficult when you get compensated appropriately.
Cons
Layoffs every year are a big bummer and not knowing if your product will be around another year or what new direction the company is going to take is nerve racking and counterproductive. Supposedly the yearly layoffs are supposed to stop (they didn't do it this year so let's hope it stays that way). Finding your way around Adobe and figuring out how to get things done around all the red tape and slow movement is half the battle. The Omniture acquisition was a downer culturally for both sides - still not fixed.