Pros: money, variety, advancement for some, amenities
Cons: just a number, no real job security, competitive environment at all costs
Most of the jobs and work at Microsoft are very rewarding with great people to learn from and opportunities for advancement.
The company is huge, so there are many roles a person could perform, and changing roles periodically is actually encouraged.
However, even with the new management in place, the review model is not good and promotes competition over cooperation. For some people that is preferred, but it detracts from creating a healthy team and company culture.
Ultimately, everyone is a number, and the size of the corporation can undermine the value of people. Some teams are better than others and the quality of the team managers makes all the difference.