The song is about the music industry, and specifically about MTV being an easy way for people to make money. It's been sugested that Mark Knopfler (lead singer of Dire Straits) was unhappy that people could become famous and rich just by having a music video on MTV. A number of words in the lyrics used have been inferred as being directed at artists of the time.
As for the references to 'having to shift these microwave ovens', this was to do with the fact that Knopfler got the inspiration for the lyrics while in an appliance store. The TVs in the store were showing MTV. The shop assistant was quoted as saying that 'that ain't working', which is later used in the song.
The song features one of the best guitar riffs of all time, and is easily one of the best songs of the 80's (it was released in 1985). The song also features a cameo from lead singer of The Police, Sting. Sting sang the words 'I want my MTV' to the melody of 'Don't stand so close to me' (by The Police), and it can be heard at the start and end of the song.
Rolling Stone magazine state it as being the 94th greatest rock song of all time, along with a number of other songs by Dire Straits. Dire Straits are recognized as one of the best rock bands of all time, notable for songs such as 'Sultans of Swing' and 'Brothers in Arms'.
That aint workin', that's the way you do it
Money for nothing and chicks for free