Pros
In general they have an ok compensation package. If you have a good manager and working on a successful project then you have smooth sailing.
Cons
Even that they say "our employees are the most valuable assets" - that's just a lie. Someone would not treat their employees in such a way - especially employees who have served for a long time and have significantly contributed to the success of that company. Do not expect ANY loyalty from that company or from management. They practice "hire & fire" at its best. You loose your job without ANY wrong doing and there is enough work to be done in other groups or divisions. Instead of offering a comparable position in a different group - they rather fire you. Sure this is good for stockholders, but it also creates an atmosphere of uncertainty among all other employees. Microsoft middle management sucks - sorry for being so blunt here.