Microsoft

Microsoft has a ton of smart people who are generally really nice to work with and, by and large, highly motivated to do a good job and deliver consumer value. The review process is generally pretty fair, with good work being recognized and rewarded. The company has great benefits and treats its employees well. The large size of the company gives employees the ability to pursue opportunities on a variety of projects without the hassle of changing employers.

Microsoft leadership has been in a downward slide for the last 5 or so years.

The amount of politics involved in decision making gets more extreme every year.

It can be incredibly frustrating to be part of a company with so many resources but that is so hamstrung by its upper/mid-level management that it can't effectively act.

Microsoft has a major leadership problem. Bringing in some empowered VP-level folks with a strong sense of vision, coupled with wiping out a good chunk of the Partner-level population, would give the company a nice energy boost.