Corporate to Academia

Has anyone successfully made the transition from the corporate world to academia (college level)? Can you describe your experience? Can you please provide your thoughts on the following?
? Are you full-time or a part-time adjunct faculty member? What are some of the advantages and disadvantages of either?
? How did you go about making the transition?
? What was your motivation for making this career move?
? What advice would you give someone considering this career move? How would a newbie go about getting the experience necessary to land their first teaching position?
? What academic credentials are necessary? (PhD or Masters)
? Any other thoughts that you care to share.

Thanks in advance for your thoughts!