The micro pill is only less effective if you dont take it properly, same with any medication. What you find with some of doctors is that they give you a trial on the micro pill and then "upgrade" you if you're ok on it. Not always though. Also, with the new 12 hour window, frankly its equally as good as the combined. I wouldnt personally want to go on it, because I do like the ease of the combined and its less tricky etc etc. And "double" protection is better than one form.
However, if you're using a condom too, you'll be fine.
As for side effects, everyone copes with the added hormones differently. I think that really people on the micro pill have an easier time, coz they only have one extra hormone to cope with. My spots are actually better on the pill and I even lost a little weight. If you arent happy on the first pill you go on, get the doc to change it. Some people take loads till they get it right.