Microsoft Research is still one of the most influential and visible industry research labs in Computer Science, publishing more great papers than most top universities.

http://research.microsoft.com/apps/catalog/default.aspx?t=pu...

However, this work rarely seems to make it into their consumer products. I suspect it's mostly an issue of the organisational structure of Microsoft, rather than the type of research, which makes it difficult to jump the gap from research to products.