If you follow my blog, you might probably we aware to some extent already about what we do. For me, it is a very exciting job and the love for this job is what has kept me going over the past 3 years (and counting)! I joined as a Support Engineer in October 2004, and am now working as a Technical Lead for about an year.
PROS>
1. You get to work with the smartest people (I may be an exception ;) )!!!
2. You get tonnes of knowledge on IIS/ASP.NET (and some other related technologies as well).
3. You get to work with real servers having real issues and believe me... it just feels great to fix an issue.
4. You really get the opportunity to dive deep into ASP.NET/IIS and Post production issues, like performance, hangs, crashes, etc.
5. You get a lot of training (yeah, for free!)
6. There are many many many more, but for me the biggest thing is... I LOVE MICROSOFT, and consider myself lucky to be a part of it. If you love Microsoft too and want to join us, go through the CONS section below before sending your resume.
CONS>
1. Well, AFAIK... the only drawback is that you will have to work nights. But given the traffic issues in Bangalore, for me it is one of the reasons why I love to work nights :-) Besides, when I get up at around 2PM... I usually get 6 hrs straight to spend my time with my family before I leave for office. And honestly, in the past 3 years (since Oct 2004), even though I got opportunities to move to day shift (yeah we do rotate shifts), I never took it.
Requirements>
1. This is a phone based support, so you will have to talk to the customers over phone and fix their issues. I know it sounds like a call center, but please don't even think like that. We are TECHNICAL support and we deal only technical issues. Besides, with Live Meeting and other gadgets at your disposal, you don't even feel like you are helping out a person who is really sitting on the opposite side of this Earth!!!
2. You must be good in ASP.NET and its core architecture (IIS is something which is good to have, but we can train you on IIS really fast)
3. You must have the passion for technology, ready to take on challenges, be self-driven when it comes to researching, and good team member. In fact, when you are in trouble... you will never be alone. You will find someone or the other to help you out.
In case you are still reading, and feel interested in joining ASP.NET/IIS Team in India (Bangalore), feel free to mail me at rahulso AT microsoft.com. BTW, did I forget to say that some folks here are really good in Table Tennis (and cricket, Pool, etc. too!). I tried my hands on TT, and now I can beat some of my colleagues who taught me the tricks of the trade. It is fun, and I am loving it 
Cheers,
Rahul