Pros
The benefits are among the best in the industry. They have excellent funds in their 401k offerings, they have insurance with no copay or paycheck deduction. They have legal benefits that are offered at a nominal fee, and free access to a top-notch gym and spa facility. They have health clinics throughout the year, free vaccines and discounts for anything from child care to restaurants all over Puget Sound. Their cash bonuses and their stock bonuses are also amazingly generous. For a good performer, it pays to work at MSFT. It also has an amazing work-life balance. I got a 5-month maternity leave and do not work on Fridays. Facilities-wise, it is also top notch with the expected freebies for a techie company like kitchen goodies, subsidized cafeteria meals and the employee area known as "The Commons", which features a variety of retail dining options, convenience services (post office, bank, bike store, mobile stores, etc.), meeting spaces, and sports facilities—all situated in an urban-market atmosphere. Also, the shuttle service known as The Connector is one of the best ideas they've had. I don't ever drive to work! I have worked in both small start-up companies and bigger high-tech companies and this is a great place to work. Since I am an industry hire with 12 years of experience, I have a very high compensation ratio for my level. I would have to be a Director of PM at Oracle, for example, to make the kind of salary I make now, especially after the across-the-board salary increase that took effect this past review year (August 2011).
Cons
As any big company with so many employees, products and organizations, every division is like a mini-company of its own. Your work life greatly varies depending on which organization you work at. I happened to be in different orgs in the same division and the learning experience, mentorship and career advancement I have accomplished in this group is a far cry from the previous group I belonged to. If you get a good lead and manager and you work hard, you are in for good life at MSFT. I don't see why I would ever want to work elsewhere. I am up for a promotion to Senior this review year and I expect to get it by working hard and smart. Sounds simple enough to me now, but it wasn't as clear cut in the previous group I was at. Would Google give me more money? Perhaps, but I don't have to work 80 hours a week, I can take long vacations and have my Fridays off without being perceived like a slacker.