Pros
There are still many good things about Microsoft. The compensation is fairly high (though not the highest), and the benefits are good overall. Many of my colleagues are smart, positive, helpful people.
Cons
The phrase "do more with less" is once again becoming toxic at Microsoft. First, it was do more with less, because Microsoft has been laying off people right and left — many of them totally unnecessarily. The work still needs to be done, but they just cut the teams doing it. My team was cut by 60% even though there is more work than before. Then, it was do more with less compensation, when Microsoft decided not to give raises to full-time employees (during high inflation, let's call this what it is: a pay cut). The, it was do more with less as Microsoft is reducing its budget for morale, equipment, travel, vendors, everything really. WLB has gotten worse. Compensation has gotten worse. Culture has gotten worse. Morale is the lowest I've seen in over a decade. And leadership appears not to care; worse, even to be daring people to complain, daring them to leave. It's not good lately.