Microsoft is moving towards a "typical" big company era
Pros
Benefits & Compensation IMO is still the best even after all the changes - esp if you have a family to look after. Being a big company also means there are many different product/industries that you can work in. If you are willing to look, with a bit of luck and networking you will usually find your best fit team very easily.
Cons
- Sometimes there are just too much process. - And the review system just promote internal conflict instead of internal harmony IMO. I think the management has yet to show anyone that they are serious about getting product teams work together. - The overall company culture does not promote job/idea exploration within the company. E.g. the overall process of pitching ideas, getting a review of your ideas, and getting resources for ideas are non-existent.