There have been some interesting discussions here and on Quora (http://www.quora.com/What-companies-teams-are-toxic-on-a-resume) about certain companies not being good for your resume or two much time at one of these companies not being good for your resume.
I have no college education so when I first started at Microsoft when I was 22 I decided that I wanted to work there for 5 years and do well (best reviews possible, multiple promotions). I also wanted to spend the time trying to influence Microsoft as an organization to do something interesting in the Linked Data/Semantic Web space. I am now a Senior Engineer and have pioneered the use of data semantics within Bing. This experience feels extremely valuable as I pursue a longer career working with start-ups.
I am confident that I will complete my 5 years and meet my goals but I'm interested in better understanding how this experience will be perceived by members of the start-up community that I hope to be a part of in the future.
Is it really perceived as a negative to work at an engineering organization like Microsoft? What other things will be valuable to demonstrate on my resume as I look to enter the hacker community more actively?
That said, the way that Microsoft has been dealing with its extreme uncoolness lately has been by paying salaries that are far above market. With very few exceptions, every time I've tried to recruit a Microsoft veteran to a startup, they've started to pull out the spreadsheets and given me complicated sob stories about how they can make $1m in the next three years if they stay at Microsoft, whereas I'm only offering them, eh, a few % of a hot startup.
The bottom line is that spending a lot of time at Microsoft could very well ruin you for startups.
Even though I did it that way, there are two different ways of thinking about your career, and if you're REALLY a startup person, you're not going to be hedging bets by serving out your 5 year Microsoft prison sentence. If you're telling yourself that as soon as you're fully vested you'll leave, you have failed to take into account the new incentives that Microsoft will put in front of you by the end of the fifth year. And eventually you're going to be stuck in the $300,000/year treadmill at a life-sucking anonymous job with no chance of ever hitting it big (or making an impact on the world).