Pros
Microsoft is a huge company with strong benefits and, in theory, involved in every area of the software market. The company still has very competitive pay and reasonable job security, even considering the layoffs. It has endless resources for growth (see cons), including a big library, conferences, training etc. The company can really invest in you and you can see the dividends of this investment in your work.
Cons
One has to be aware that most Microsoft benefits related to professional growth will apply mostly to its HQ in Redmond, WA. In Washington State, the opportunities at the company are endless. Elsewhere, it can vary from dismal to maybe mediocre. Senior Management is clueless and the stock price proves it. Most Microsoft innovations are incremental and the company missed endless opportunities to revolutionize areas of our industry.