Pros
Good benefits and reasonable place to work alhough to make good money you have to work the system by staying for an extended period and a "top performer". See below how.
Cons
Microsoft has a calibration and review process. There are also yearly commitments but they are a bit of a red-herring, although of course a newby has to actually do something initially. But really the main work goal is to network with peers and anyone that can can give you a positive review, remember you may need to reciprocate (even if it hurts). Kiss up to your boss big time, but remember he/she also needs positive reviews and so work something out on that front. The work is actually secondary to all this - thanks to all the newbys and contracters who do that.. The calibration process actually determines what you will be paid and and more importantly if you will survive. Calibration is where you will be compared to your "peers" to see where you sit in that stack. If you are bottom of the pile your are history and if you are top or near (say top 30%) you have hit the microsoft jackpot. But the calibration process is a bit like a lottery as you you will be calibrated against everyone in your particular business unit (at your grade) by management that may not even know you, and amay have there own personal favourites. That is why networking is such a big thing. The other part to this is there are quotas for each grade and there are currently 5 grades. This like a budget plan - 10% will receive 0 bonuses and increment and will be managed out of the company via a PIP (Personal Improvement program it means your gone) and 10% will be marked as the top talent. The others are the survivors with varying increments and bonuses depending on where they sat in the calibration. The people that succeed at Microsoft are not necessarily the most talented but the most able to work the system and have the most successful network to inflence the calibration. An indication of the kiss of of death is to stay at the same level and role - you are expected to "grow" and extend yourself. Most companies I have worked for previously would say if Joe does the same job well, and that is all he wants to do then perfectly fine, but not Microsoft. Assuming you stay and make it to a upper management level then will be a complete cat fight (usually hidden from the minions) - you will be well rewarded well but attrition rates are higher (look for the next VP leaving). But still Microsoft is very top heavy as has all those people that have worked the system - but where do they go? Eventually get sick of it all and leave to start a contracting company or a business to add value to the microsoft products they have worked on and hopefully have left contacts in the company to get that work. Make sure you are working in a group that has business growth or else Micrsoft has a tendancy to ditch products and people when revenue growth stops.