Company: Microsoft
Date: 2010-06-15
Overall rating: 4/5
Employment status: former

Huh?
Pros: Microsoft is a great deal, overall, for software engineers.  The pay is quite decent and the work / life balance is usually quite good.  Sure, there are crunch times once in a while, but more or less most of the year will be 40-50 hour weeks with decent perks.
Cons: The main problem as a dev is that it can often be very hard to see what impact you are having on the organization.  Products can take 6 months to 3 years to ship, and a lot of the time is spent fixing bugs or in meetings.