If only generating papers and getting grants made it easy to get a job in science - most of the lament in this story is that even being a great and productive scientist won't get you a job these days.

In regards what you get out adjunct professorship is access to the academic environment, things like lab space, shared equipment, intelligent people to talk to (students and postdocs mostly). Sure you aren't paid, but if you are independently wealthy it is not an issue.

Yes students will work with and adjunct professor - actual in some cases it is better as the adjunct actually has more time to train student.