Looking at the entire thread as a whole, I think this is the best spot to insert my comments/summary.
I think the answer each person has given has been basically been how that person views porn (as an industry, not a product ;-}). Which doesn't always answer the first few questions - everyone has concentrated on the last questions: would you take the job, and why/why not? IMO, these are the most important questions, but I will get back to the others.
So, the answer to these questions is really a matter of principles and priorities. (If your principles are not a priority, then they play into the question much less than, say, putting food on your kids' plates, putting a roof over their heads... or maybe even less than putting a big-screen TV in your living room. You choose your priorities.) In your own view, is pornography an issue of principles? It is (currently) legal - is that just? (If it were illegal, same question would apply, although now you'd have to ask if it was worth the money and risk.)
As to the first questions, which is how would future employers look at it, in small companies management can afford to be more biased about these types of experiences. Larger companies generally will (in my experience) follow how society treats the topic. Which is quite schizophrenic from where I sit. Here we have a topic which is disagreeable to both the Feminists, and the Religious Right (probably nearly the only thing these two extremes agree on), and yet it's still legal. So it probably won't really negatively affect your chances for a job elsewhere.
Thus, if you don't have a personal problem with the porn industry, then why not take the job?
Personally, I find the whole industry to be a huge negative on society, and thus would not entertain any interaction with them (job, interview, or even communicating my resume). On the other hand, I would have no issues helping out (whether paid or not - although that may depend on my financial position at the time) a political cause I believe in. (As long as they're not using immoral or even underhanded means to operate - e.g., mailing list good, indiscriminate spam bad.) Or even the political wheel in general (I was approached by the Returning Officer for my constituency for possible interest in doing IT for the next election - no problem there, although I wasn't interested in the position for completely different reasons).