Microsoft is a very different company depending on what division you're in and what you're working on. Sure, there are parts of the company that are less exciting for your typical just-out-of-college hire, but as someone who joined a little over a year ago in a similar situation, I can say I'm quite happy with what I do and with my experience so far. Don't paint the entire company with a single broad brush.
I imagine that's exactly what the folks on the Pink team were saying right up until Lees pulled his coup and wrested control away from Allard. Mobile was moribund and Pink was a fresh break from the past. They must have been exciting, heady days full of optimism and fighting spirit.
Then suddenly it all changed, and that's the problem with companies run as warring city states. You're at the mercy of a change of weather.
Which division do you work in? Would you care to talk a little more on methodologies, decision making, release schedules, etc are handled in your department?