I've read a few blogs that talk about a mass exodus from Microsoft. This is all hype. From a BusinessWeek article that is critical of Microsoft:

It's not a mass exodus. Microsoft has 60,000 employees, and many of them are undoubtedly happy with their jobs and the company's culture. While Microsoft's annual attrition rate rose one percentage point from fiscal 2003 to 2004, it's still just 9%, a bit lower than the industry average. Microsoft says it receives 45,000 to 60,000 job applications a month, and over 90% of the people offered jobs accept.