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I worked at Microsoft full-time (More than 3 years)
It really depends on which team you end up working for. I know folks that have worked in crappy teams at MS, and other folks that have worked in awesome teams. I'm one of the latter. MS does take good care of its employees.
Compared to other companies of its class, I felt a lack of entrepreneurial spirit amongst employees at Microsoft. Plus working at Microsoft doesn't really prepare you for your own startup - from both a tech and business standpoint.
Advice to Management
Stack Ranking Sucks. I was working my butt off and got average reviews cause I was in a stellar team where everyone put in 10+ hours a day. And I know folks in teams where the average employee was terrible, so 6 hour days would keep them at the top of their peers and help them rise through the ranks. Not only does it cause resentment, it also creates a huge negative incentive - if you care about your career, stop working in the hardworking teams.