Microsoft

You get exposure to many technologies (mostly, Microsoft stack only). Good medical and fitness benefits, and other perks. Nice to have your own office. Good work-life balance.

You are an insignificant part of a Mega Corp.

Too many meetings, politics, and sometimes it is really hard to move the needle.

Too many stakeholders, processes, and a deep hierarchy, with everyone having their own agenda. Sometimes it becomes very difficult to move the needle.

You work to please your manager/lead, otherwise chances for success are slim. If your manager doesn't like you, he can screw your ratings, and there is very little you can do about it.

The stuff and technologies that you learn are mostly from the Microsoft technology stack, and most of it is not relevant in other big companies (Amazon, Apple, Google, Facebook, etc.) or even in startups.

Compensation is somewhat lower than the industry.

Cut off too deep a hierarchy; be nimble and respond fast to market opportunities. It doesn't matter if you brought a concept to market before everyone (tablet PC, smartphone, Windows Holographic, etc.). What really matters is how you execute. Stop beating the bush; the smartphone war is over. Play in new fields, embrace other operating systems and devices, and be nice to the open-source community (some of this is already happening).