I think it depends on whether the Biochem is under the Chemistry or Biology. I'm a double major Biology/Chemistry emphasis: Biochemistry and I know a lot of microbiologists. Vertebrate physiology isn't a part of microbiology, but at least at my school it can be used as a Biochemistry elective. Micro doesn't just emphasize the cellular level (it's not the same as a Cell Biology degree) it tends to emphasize prokaryotes. And frankly prokaryotes just aren't that interesting to me, plus you spend a lot of time on photosynthetic organisms (boring as hell to me). With Chemistry emph: Biochemistry you have to do a lot more math, usually three semesters, or up through multivariable calc. You do three semesters of physics for engineers (calculus based) instead of the standard two semesters (trig based). You also take Pchem, which can be an extremely difficult class if you have a poor instructor. I chose biochem because I love chemistry, if you hate chemistry, math, or physics don't do it.
To your second question about Biochemistry: I just finished up my second and last semester of Biochem. I have to say I really loved it. Memorizing pathways is more of a cell biology thing, but there are some pathways you memorize for Biochem as well. For the most part though you start with the principles of water, what makes water so great, then you start talking about protein structure, learning about all of the intermolecular and intramolecular attractions. You do memorize amino acid names and structure, but this is important because the structure is a really important part of cell chemistry. You study active sites and the importance of particular amino acids to interact with the substrate. You go over enzyme kinetics, talking about rates and so forth. Then it gets fun and you start talking about sugars and glucose metabolism, and you start talking about pathways here, but it's really quite enjoyable. Then you get into glycoylsis and the Krebb's cycle which I really enjoyed, you go over the mechanisms which are quite interesting and how you can terminate cycle early and how some of the intermediates can be used in other pathways as well. You also really get into inhibitors and inducers of the pathway, which makes sense. Finally you get into amino acid and fatty acid metabolism/synthesis and you're done.
The next semester I didn't enjoy as much. It's nucleic acid chemistry and you will finally learn about DNA, it will no longer just be four bases on a sugar-phosphate backbone. Hell I can draw out adenine now and I didn't even have to memorize it. You talk about nucleophillic phosphoryl substition so much you start to get sick of it. Then you get into talking about the DNA polymerases and RNA polymerases, and ribosomes. This is where I started to lose interest but it overlaps a lot with Genetics, which is cool. I really like Biochem and definitely recommend it, I personally don't think Micro is a good pre-med major, I think Biochem plus a few extra bio classes in case Biochem doesn't overlap with some necessary MCAT classes is the best way to go (only if you like chemistry!) If you are still considering Microbiology consider Microbiology with a concentration in Clinical lab sciences. At my school these students take Hematology, Parasitology, and Vert. Phys in place of prokaryote geared courses found in Microbiology. You will also meet a lot of cool people who intend to work in labs later, which should give you something to talk about later on with the labtechs making you a more personable doctor.