Pros
Best benefits anywhere, smart and motivated coworkers. And free soda.
Cons
Microsoft is the most political and back stabbing environment I've ever worked in my 15+ years of experience. Promotions are based on personal relationships and game playing, not results, no matter what HR or the promo lit says. Workplace bullying is so rampant that its baked into the culture and considered "normal". Work/life balance is consistently terrible. Management is sub-par compared to other software companies, most managers get promoted based on politics rather than true leadership. If you're a person with ethics, expect to be asked to put your values aside in the name of playing the political game. HR supports management only, and turns a blind eye to all, even when employees ask/plead for help. In most cases, HR joins in the mobbing against employees when issues are brought to their attention. Evaluations are based on relationships, politics and favoritism rather than performance. There are a lot of nice words that HR publishes about performance based job evaluations, don't believe it, in Microsoft there are the nice HR words, and then there's the reality of day to day Microsoft work culture. Microsoft as a whole is too big and over stretched in too many areas, with the result being a lack of long term vision and focus. There is very little innovation and creativity to be found, Microsoft culture rewards competition against coworkers, conformity and process. Microsoft is still much too in love with its self to focus on customers, and the changing business environment, and frequently gets caught flat footed from a technological and marketing perspective.