Pros

Microsoft takes good care of its interns. Competitive compensation, including relocation, help with rent during your internship, a variety of intern-only field trips, and your choice of commuting benefits: car rental, bike plan (MS pays most of the $$ for a new bike), public bus pass, and wi-fi enables Microsoft commuter buses.

Job satisfaction will depend on which team you are embedded with.

Cons

On some teams, the expectation is that interns won't make a real contribution; and that your internship is just a public relations sales pitch to potential future employees.

The company culture is quite quirky; it seems that many employees aren't genuinely or wholeheartedly invested in Microsoft or the project their working on....evangelize Windows Mobile to your co-workers during the day, and play on the iPhone after work. Perhaps it's just about a nice paycheck and excellent benefits package.

Advice to Senior Management

I found the mid-level managers to be quite competent; though sometimes there is a good-ol'-boy mentality to reward those who've been at Microsoft for awhile (rather than reward competence). Steve Ballmer can be embarrassing.