Pros
There are a lot of interesting projects and great teams at Microsoft. I met some of the brightest, hard working, high integrity people in my 9+ years of working in both the former Server and Tools and the field BMO groups. You can find rewarding jobs in both cutting edge tech as well as 20+ year old technology with massive revenue streams. I think the benefits are still among the tops in the industry.
Cons
There are a lot of review meetings regardless of the job function. Perhaps this is normal for a big company, but spending 20-40% of my time building decks instead of focusing on customers, markets, products seems excessive. Projects/product teams with the combination of great managers, great teams, big impact initiatives were hard to find. The extreme focus to deliver numbers makes it hard for new products to gain mindshare within the company.