Pros
Flexibility (including a decent amount of time so you could work on a Hackathon, although that depends on the team), opportunities to move to other teams (I heard that's not as available right now), great benefits (above many other tech companies), free drinks (Ha!), Hackathons are fun, good salary (although other big tech might be a little higher), flexible vacations (now it's just open without hours, but it depends on the team how flexible that truly is), very flexible on hybrid/remote (although full remote really should be carefully considered, depending on the team, because it could lead to a layoff or something similar), tuition reimbursement (I recommend you take advantage of this and go for a Masters or PHD), onboarding is very organized and cohesive, they know how to scale impact through vendors (so employees can accomplish more), their tools are the most productive (and they all work together, because Microsoft makes them all), and they might have the best book policy (so it's easier to author books and build your reputation more... than it is at other big tech companies).
Cons
Salary is a little lower often than other big tech companies, as well as bonuses and shares/stock. It's still good, but often other big tech can be higher (Google, Meta, maybe Amazon or Oracle, depending on the role, etc.). Similarly, promotions are sometimes a little harder to get, and you can't get a promo by transfer to another team (very rare). the review process is a little too time consuming (comparatively, but it's close). Although the Hackathons are nice, it's not really built into the culture much year round (so it might take some effort to do anything effective through that, in finding the right team, etc.). They don't have free food (which is a minimal factor; some big tech do), but their free drinks are nice, and there are plenty of catered events and meetings.