Pros
Airbnb is one of those rare employers that really cares about what you think. We hire only the best of the best, so opinions are welcome and heard from anywhere -- whether you've been here 6 months or 5 years. The perks are great: travel to SF at least once a year, the chance to visit other offices (including outsourcers), breakfast and lunch daily, dogs in the office, great pay, "open concept" office and work station options... it goes on and on. We also work effing hard and the work is fun and challenging. Managers trust you to make best judgement calls and empower you to do your best work. Even if you don't particularly get along with your direct lead, there are several others that are there to support you. There is a lot of opportunity to move up and around. We all trust each other with our lives.
Cons
Hyper growth has meant some things, like basic training, can be overlooked. If you aren't someone that can work without guidance this may not be the place for you. Initiatives often live for 2 weeks only to die and be brought up again months later. Change is constant. Communication is improving, but not perfect. Work life balance is incredibly hard to make work for a lot of people. There can be a atmosphere akin to "drinking the koolaid."