I've successfully read through the first 500 words of Satya Nadella's sprawling missive and skimmed through the rest of it. It seems to be saying that Microsoft is great and we'd like to remain great but I stopped paying attention because it's over 3000 words long.
It was full of generalities and waffle. I think Jean-Louis Gassée nailed it when he said this should've been short and to the point.
If you are going to restructure and fire people then just do that rather than writing a shit sandwich like this email. Likewise, if you've got a great future direction to announce, how about you just announce it.
Update: further analysis here: http://blogs.seattletimes.com/brierdudley/2014/07/14/microsoft-layoffs-loom-how-far-will-nadella-go/ including estimates of layoffs.
(via Daring Fireball)