Smart people and good work/life balance, but unsure of the future.
Pros
I almost never work nights or weekends, and on average work 40 hours or less a week. On an established team, lower management is usually competent. Perks and compensation are pretty good. Hard work is usually (but not always) recognized and rewarded. Workplace environment is quiet and spacious once you have a few years of seniority. Microsoft isn't afraid to spend money on its employees, unlike some other rival companies.
Cons
Benefits were tripped a bit recently (mostly medical). Not much faith in upper management and C-level executives. As with many companies, visibility and loosely defined "impact and influence" are more important for performance reviews than actual performance. Performance reviews can be interpreted as opaque, unfair, and subjective.