Pros
If you are interested it is a great place to get experience in many different technological areas I highly recommend Microsoft. The benefits are really good, especially if you have dependent children. If things work out well you could get into a good group/team and make a real difference. Life under Satya is MUCH better than under Ballmer, no question.
Cons
A decent amount of frustration occurs due to politics. Your career can excel more by aligning with the right manager and drinking the Kool-Aid with a lot of enthusiasm. Less based on your performance and impact. This is relative but being able to jump on the new trend handed down by management, learning the lingo and not questioning the merits does provide results. Not sure this is worse than other large corporations. Also, layoffs are now a regular part of doing business for Microsoft. If you plan on staying no more than 3 years is a safe bet. Satya has really changed the top level culture of the company but it still will be a few years before group start to trust each other if they ever do.