I went to the company-wide meeting today. It was the first time I actually went to it, though I tuned into the webcast a few times from my desk in the past. It was... pretty boring; the webcast is the way to go. To give you the experience of being in the audience, here are the three things that got the most applause.
Biggest applause: a particular new Windows Live beta feature (seriously)
Second biggest applause: Bill Gates dropping a microphone (I guess—I didn't see it) resulting in what I think is the loudest ear-shattering screeching noise I have ever heard (even louder than Steve Ballmer's trademark screeching)
Third biggest applause: seeing BioShock in the E3 2007 Xbox 360 games montage
Now sit in an uncomfortable chair for eight hours and fidget while reading Microsoft press releases. There; it's like you were there.
Fourth biggest applause was when somebody's paper airplane made it all the way to the stage.