Microsoft's #1 enemy right now would most likely be Google -- Balmer has been waging a war on the online front with Bing, and so far, has been losing pretty badly.
As they say, the enemy of my enemy is my friend -- partnering with Apple would boost their Bing Maps market share into double digit percentage growth, all the while taking Google's map market share down. Even if you know the relationship won't last long and that in the end you'll have another competitor in the space, the rewards far outweigh the risks.
It's far better to take down the king and fight for the throne than to always be a peasant.