Pros
Microsoft is highly entrepreneurial in nature. Which means each team makes it's decisions autonomously, at least at the GM level. The people who do well at Microsoft, pretty much think of their job or group as their own company/business. To that extent, there is a reasonable amount of empowerment as long as your key stakeholders are aligned as well.The benefits are pretty good (especially medical, dental's not so good). Most people respond pretty quick and try to help out as much as possible.
Cons
It's highly competitive in nature. In most groups, people will do anything to trample on their own team member, without trying to make in obvious, and in some cases, they actually make it obvious. Microsoft thrives on "passion" - which really means "desperation" (for your job). Your manager solely controls your destiny so if you don't align well with your boss, better leave soon so they'll do it for you. There is very limited transparency from management. And Microsoft by far, due to the competitive nature among type A employees is probably the most political company I've ever seen.