Pros
Microsoft is a great place for career development. They are relatively quick to adopt new technologies and there are good opportunities to learn new skills on the job. They also have a great continuing education program with on site classes, and tuition reimbursement.
Cons
While they are quick to embrace new technologies, management could do more to accept and encourage innovation. While they do not say so, they are slow to even consider any idea that does not come from senior management. Additionally, senior management's ideas are not held to the same rigorous review process as ideas coming from non-managers. If a senior manager has an "innovative" idea, it gets done with very few questions asked about whether it's a good idea from a business or technology perspective.