Pros
Interesting products, reasonable work-life balance, and they are trying do innovate and move beyond their core products. Good relative salaries. Macromedia aquisition helped to dilute the stifling old-boys club.
Cons
You need to be in the club - this is no meritocracy - it's an old-boys club. Thus if you aren't in this club - and it take years to be included - you will suffer an extremely slow path of development and promotion. If rapid growth is important to you, then you'll need to look elsewhere. Unfortunately a fair number of members of the 'club' have been at Adobe for a decade (or more), and they seem to feel like there is some time-based 'dues' that need to be paid. If you are a woman, it is also more difficult to get past Director level. There are very few that actually own product/revenue.