Pros
Microsoft is a great place to work because it gives you not only the opportunity to influence the team your working in no matter what the position, but also gives you the ability to get as involved as you want to be with other areas of the company, allowing you to influence the development and direction of products which you, your family and friends may use unrelated to your actual day to day job. You also get to play with lots of cool new apps and devices through internal beta programs. The best part though is your surrounded by geniuses
Cons
Microsoft attracts a large amount of very, very driven and focused people who work very hard, you will have to work very hard to meet the curve that is needed to see good bonuses and fast promotion. Working in a remote office for Microsoft can also be a downsize. Redmond is the beating heart of Microsoft and this can sometimes show through lesser facilities at remote offices. Politics as with any large company can slow progress on projects which can be frustraiting at times. Your ability to speak freely without bias around Microsoft products and services can also a downside.