I am currently using Microsoft Test Manager 2010 to create Test cases and execute tests to verify quality. Please see below some Pros and Cons with using this application.

PROS:

1) Able to create well detailed manual test cases.
2) Able to execute the manual test cases with the functionality to record your steps
3) Able to add Parameters and Shared steps to the manual test cases so that you do not have keep rewriting similar steps.
4) From the recorded actions performed in the manual test run, you can automate the tests using Visual studio 2010 for Regression testing.
5) MTM (Microsoft Test Manager) is linked in with TFS (Team Foundation server), so if your analysis and development teams are using this application to record steps in the development cycle, this is a useful application to log bugs and list test cases in MTM to be seen in TFS by the rest of the team.
6) Able to organise Test suites / Cases to assign specific testers to them.

CONS:

1) MTM does have some performance issues which mean that sometimes certain screens freeze up and a relaunch of the application is needed.
2) To use MTM in all its glory, you do need to have a license to Visual Studio Ultimate which will cost your company a small fortune.