Pros
Adobe has for years been at the forefront of products that allow artists to create, and now is poised to change the digital marketing landscape. My experience has been mostly positive. Great people that are smart and driven, while kind and fun to be around. The business model and culture is around innovation - this means that one can provide feedback and help craft the next versions of products. Benefits are mostly as expected for well known brands: Stock purchase program, great health benefits; education allowance, wellness benefits, etc. Career pathing: upward or lateral moves are expected and encouraged. Telecommuting: definitely possible for many jobs (at least in the Consulting group).
Cons
I have been extremely happy working at Adobe. I wish the employee cafe were free like some other big name companies, but we are not quite that big (yet). :) Those who telecommute can often miss out on the constant learning and collaboration that goes on in the office.