Pros
Mostly nice colleagues, beautiful offices, free food, some events (though these are getting less and less). You can get lots of diffetent training oportunities, as Microsoft has a huge online training library + if you're smart and know how to play the system, you can get trainings outside of Microsoft expensed. The pay is great.
Cons
Where do I start.....Constant re-orgs, like every 2-3 months, some bigger, some smaller, where management chains are shortened, then again made longer, then bunch of people are let go, shuffled around, etc. Total lack of direction, management/decision makers seem to have absolutely no clue where they want to go with the product (perhaps due to the decision makers constantly changing and every one of them taking another direction of what they want to do). The bureaucracy chain has gotten so big over the last few years, that getting stuff done, even the most simple changes/fixes to product, processes, etc, takes ages (if they get done at all).