Pros
Adobe is full of very smart, friendly, talented people. You get to work on some really interesting products. There's a good work/life balance. It's a blue-chip company that probably isn't at much risk of failing. You may get a fairly competitive offer when you are first hired.
Cons
In my first 9 years, during boom times, I had no promotions and no raises beyond cost of living (and not always even that). I'm good at what I do, but I didn't take career management seriously enough during those 9 years. No one so much as mentioned the word "career" to me until this year. I finally managed a promotion and a small raise; it was like pulling teeth. Adobe is crowded with talented people, and focuses pretty heavily on cost control, and unless you're lucky, it's hard to find ways to move up.