Vantaggi
Microsoft used to be a fantastic place to work, and sometimes you run into enthusiastic people who remember when it mattered to ship quality products.
Svantaggi
I can't say enough about the turbulence and lack of direction present across Microsoft. It really is going through a transitional period. Do not consider working here unless you're coming out of college and need a break-in job. Do not spend more than two years here, there is little potential for long-term careers. In fact you will ultimately find yourself worked out of the system unless you're prepared to pull out the knives and join in the political "kill or be killed" assassination orgy. Product groups are regularly gutted and redirected on the whims of political maneuvering. There is little strategy or direction. Any other company would've imploded by now and really only a few business groups are supporting the weight of the entire company.