Potato in the microwave
Before microwaving (or baking, for that matter) a potato, I always poke it deeply with a fork several times to let steam escape.  I prefer the taste of a baked potato to a microwave potato, but will often speed up baking a potato by microwaving it for a few minutes first.  You can definitely microwave until done.  

After it is done, butter and salt and pepper are good, simple accompaniments.  Shredded cheese melts nicely over the warm potato, but a crispy melted cheese poured over the potato is really amazing.  Other good toppings would be sour cream, bacon, chives, green onions, and caramelized onions.