Pros
Amazing energy and motivation across the Company. Clear focus on making a positive impact and doing things differently. Co-workers are very intelligent and dedicated to doing the best work possible. Airbnb takes great care of its employees - more so than any company I've seen to date including Google. The perks and work environment are carefully thought out for what people really want instead of creating a laundry list of things to try to impress people.
Cons
Work-life balance is challenging and there are definite growing pains. Many early employees are learning to adjust to the change of being a growing, now mid-size company - some are doing better than others unfortunately. This causes some politics from time to time and leads to some employee turn-over. The average age of employees is in the mid-20s and the social activities definitely cater to younger people. Employees with families and other responsibilities definitely get left out from time to time.