My friend's son is a senior MS exec, and from what I know (third-hand, mind you), Microsoft has a history of hiring lots and lots of top-tier grads. From about 1990-2000, they pretty much had pick of the litter.From what I understand, there are smart and creative people at MS but the company is bloated and unorganized so it is unable to really utilize its people effectively.
Since then, Apple and Google among others have become magnets in their own right, and IBM and Oracle have also picked up their share - to name a few of the big boys.
You're right about the bloated part too, tho' "overorganized," i.e., bureaucratic, rather than unorganized may be a better description. MS is a collection of jealous baronies where the Win, Server and Office groups can pretty much quash anything else that doesn't fit their grand schema.
Which has resulted, e.g., in their seriously flawed efforts in the phone and "slate"/tablet markets. Including the recent "Pink"/Kin disaster.
So a lot of the talent begins to feel misused, abused and undervalued. But there are interesting things going on with the X-Box, Sync and Surface teams, and a lot of talent and resources are being thrown into the growing (if hard to understand and manage) stable of Live (read: "cloud" and "SaaS) offerings.
One semi-independent team is that developing Office for Mac. I've been in their advisory panel for a year or too now, and they really go out of their way to solicit feedback, suggestions, not just about Office (in some depth), but about how I use my Macs, and my attitudes about things like Office Apps on iOS devices. You get the impression they really care about their product and enjoy what they're doing.
Yeah, yeah, they probably feed it back on ways to make Win more Mac-like, but in the long run, for all users and Apple itself, I don't necessarily see that as a bad thing.
Both companies are going to be around for a long time, and while they overlap, they also have different missions that occupy different aspects of the whole computing "ecosystem." And both now have a common interest in not letting Google overrun key products.
PS: If you're looking for new companies for Apple to wary about, also keep your eyes on Amazon, and yes, facebook. Both have "ideas."