Adobe – “Used to be great. Benefits have gone severely downhill.”

Pros

Great salary, generally not as stressful as other tech companies. Good work-life balance. Flexible about working from home.

Cons

No vacation accrual. A new policy starting 2010, you are given sick time, but longer than say 3 days requires a doctors note. Vacation time is given at the discretion of your manager. Employees previously receiving quarterly bonuses and quarterly profit sharing will no longer receive either in 2010. Bonuses will be once a year and considerably less than in previous years.
Products are legacy and unimaginative. Adobe is definitely not on the cutting edge of technology.

Advice to Senior Management

Stop allowing executives to have 'pet' projects--developing products with their own agenda that do not necessarily play into the overall mission of the company.