Pros

An opportunity to be a part of something big. (Not just in company size, but in the projects they take on.) MS has the resources to invest in cutting edge tech. And, chances are your project/product will impact millions of users.

The culture is pleasantly surreal compared to the rest of the corporate world: (Casual, private offices, diverse, free soda, MS software free for work use and cheap for personal, great buildings and cafeterias.) They make you so comfortable, the line between work and home get blurred.) In general, the people you will work with, regardless of team, are some of the smartest and most job-focused you will meet in your life. Going to any other company after MS will seem like stepping into Mayberry (simpler folk, moving slower).

The benefits package is awesome, I'd guess in the top 1% of all companies. And the non-tangible benefit is an aura of respect you get when outsiders know you as an MS employee (of course, you're thinking: "I'm one of 90,000; what's the big deal?")

Cons

Sometimes the politics at MS becomes over-whelming. Their emphasis on performance for compensation and promotion gives a lot of power to direct and up-line managers. One would hope the most committed employees and those that did the most for the product are rewarded. But in reality, it is the brownnosers and drinking buddies of the right people that move up the stack.

MS pays big lip-service to flexible/remote work arrangements but it is mostly talk. This is a company that expects you there in person most of the time. Combine that with the long work hours, and it is the ideal job for young single people and divorcees.

Advice to Senior Management

Fix the lethargic stock price, or accept it and find other SIGNIFICANT ways to share the wealth with your employees. Stop hiding from Apple and take them head-on in the coolness factor (not the majority factor). Shift your focus from rewarding individuals to rewarding teams, and it will be reflected in your stock price (because that is how wall street has been judging you since 2000.)

Implement a cohesive and mandatory flex-time program to address the traffic and work-life balance issues. If even archaic bureaucratic state governments can get their act together on this, you have no excuse. Lose your infatuation with type-A, "Red" employees. These are known historically for launching companies but not so much for successfully running them. Instead of promoting them to management, manage them out or over to sales, and your company will excel in its sector.