There are two core tools used widely at Microsoft for Code Analysis: FXCop for managed code and PreFast for native C++.
Historically, while not every team has thoroughly enforced the use of CA when building their products, there's been a significant upswing over the last 3-4 years in particular in the number of teams that now enforce pretty stringent CA requirements on their feature teams and on the product as a whole.
For example, in Vista, the Windows team essentially took 3 months off product development and SAL-annotated the vast majority of their key method and function declarations. in Win7, they mandated that all new code had to comply with a set of requirements for SAL-annotating key scenarios (primarily to reduce the likelihood of buffer overruns). In Win8 they're going further still and are incorporating new SAL annotations for a number of key scenarios. Combined with improved compilers and tools like PreFast (now build into VS 2010 Pro and up), they and you can find and eliminate potential issues before the product is released.
Note that the warnings issues by CA (whichever CA tool you choose to use) will always require overrides - sometimes, there's a really good reason as to why the code has to do what it does. But you should only override if you're ABSOLUTELY sure it's necessary and appropriate. NEVER turn off a warning because you don't understand it and never turn off a warning if you can't be bothered to fix it.