Pros
A safe place to work, fair compensation package, great colleagues. MSFT is still the leading software company if we talk about enterprise customers. While others are innovative, they are far far far away from being enterprise ready or deliver world class support as MSFT does. The people who work at MSFT are still amongst the brightest minds in the industry. The amount of training employees get here (20 days a year) is unprecedented and the company is ready and willing to invest in employees. MSFT is investing into R&D a lot more than the competitors and this has to show after time.
Cons
I think MSFT has outgrown the size when the old methods work, we have to renew ourself, get rid of the huge overhead we have (10-15% of the current management could easily be dismissed) and get back to being innovative. MSFT became very similar to a Utility that everybody takes as given, so it is hard to be slim and innovative. Also the shareholders expect money and the rise of MSFT, but this is not necessarily endorsing quality work. We have to compete with companies that are cheaper and worst quality. It seems however that this is the market need, so we have to adhere to it.