Level 59 is entry-level for an SE (e.g. an undergraduate hire), Level 58 is for Interns. People at Level 59 are expected to reach Level 60 within 2 years or they'll basically get managed-out, but once you get past Level 61 people generally take things more slowly.
In West Coast circles (Blind.app, et al) Microsoft's reputation is that it's still "the country club" where you go if you want a stable career without too much excitement (or stress) - if you play your cards right (and dodge the occassional round of layoffs) you can still live the baby-boomer dream having a single-employer-for-life untill you retire.