Pros
Energy and morale have been improving a lot since Nadella took the helm. The company is re-inventing itself and moving in a promising direction. It's not a boring enterprise company anymore. "Not invented here" syndrome is being cured. Great work-life balance. I've worked under several different managers and they were all great in this aspect. You have the freedom to set your own pace (to a certain extent). Excellent benefits and perks: top-notch 401(k) plan with very generous match, health insurance, employee discounts, on-site health center, and a lot more.
Cons
Old culture is fading but is still there. A lot of people still focus on personal achievement only. Compensation is less than what competitors offer, unless you're at a high level (principal and above).
