Pros
As Microsoft so aptly says "Your Potential. Our Passion". This is a workplace where you will actually end up loving your work. The work is challenging and exciting , and it is also a matter of prestige to be working with the best software company in the world. Microsoft takes note of its employees very seriously and employee satisfaction is a major concern so they spice that up with flexible work timings, fat pay cheques , entertainment zones in the office itself, unlimited beverages and buffet lunch/dinner and the like. You can even have a game of XBox while you are over a glass of cola or probably have a massage in the massage chair. Its cool, people are nice and you are appreciated for the work you are doing.
Kontras
You have to be really the best to make it to Microsoft. I think their hiring process is a bit too stringent , but that actually makes sense. Sometimes, you can probably get stressed with the level of work because the company expects nothing but the best from you.