Pros
This USED to be a great company to work for. I have been with Microsoft in one way, shape, or form since 2006. I have been both a contractor/vendor and a full-time direct employee. Microsoft used to be an awesome company with vision, great products, and they treated people with respect, dignity, and overall fostered a very healthy work environment.
Cons
Where do I begin? 1.) They drag their feet when hiring you (could literally take 5 weeks for them to get through all their corporate nightmare processes (see next point), but are quick to fire and lay off people (I wasn't fired or laid off but just saying) 2.) Overrun by corporate processes and clutter. Everything is more complicated than it should be by 6 or 7 levels. This is showing in the marketplace too 3.) A lot of ancient arrogance. There are still zombies within the company that have worked here 10+ years who think they know better than everyone and this is hurting Microsoft in the long run. Good example: Windows Phone. 4.) They have a clear and distinct "first and second class citizen" system. As a full-time employee, you're considered a first-class citizen. As a contingent staff (contractor/vendor) you're considered as disposable as a styrofoam cup. But wait, it gets worse. Not only is this true, they make it a point, on a constant basis, to remind you that you're dirt and you will be tossed to the curb at any time. No I'm not exaggerating! 5.) There is a constant sense of "everything needs to be done yesterday" everywhere. So you could pump up really good work, and the response would be like "That's great, you should have done all of this 3 weeks ago. You're already behind". Once in a while from a crappy boss here and there I can understand. But this is pretty much everywhere.