Pros
PTO and benefits are excellent. Depending on the role, work-life balance can be very good. My role, for example, allows me tremendous flexibility in my work schedule, so I can accommodate my personal life. I'm also able to work 100% remotely. Salary and annual perks (bonuses + stock) are very good. Microsoft may not be as hot a name as Google or Apple, but they are on the cutting edge technically, and they compete hard. I get to work with cool technology as a result.
Cons
Redmond-centric. Despite being a global organization, there is still a strong pull toward Redmond, and unless you live there, some job opportunities just aren't available to you; that can limit growth. It is unclear what you need to do to get a promotion, and management can seem capricious when it comes to promoting. Closed-mindedness about the strategic landscape. This is not universally true in the company, and I feel that our current leadership is much more aware of the landscape in which Microsoft operates and what we need to do to succeed. But amongst the rank-and-file it's not uncommon to run into those who decry any product that isn't Microsoft's as sub-par, or deride anybody who chooses to use a competing product in their personal lives. The attitude can be frustrating for people who simply love technology, wherever it comes from, and enjoy using hot products, even if they come from the competition.