Vantaggi
Honestly, the main Pros for working at Microsoft have to do with the work life balance and the benefits. There's a good amount of drinking/joking on the job; which can actually be viewed as a good or a bad thing depending on who you ask (mostly good when done responsibly in my opinion). The people are generally pretty smart and fun to be around though there's waay too many who have become or just are complacent and lack the motivation to be better at their jobs.
Svantaggi
Management is atrocious. Like others have pointed out, there are waay too many managers who don't actually even understand/possess the skills to do their jobs and effectively manage a team. The culture is egotistical in the sense that it promotes an "I" sort of mentality. Their is very little in terms of collaboration and promoting team success. The infrastructure is archaic and all over the place. Also, there is very little emphasis placed on employee growth and development.