Pros
Lots of opportunity for you early in your career. I highly recommend if you're early in your career and looking for a lot of experience. While there may be peaks and valleys during your time there, the peaks usually outweigh the valleys and provide big opportunities for growth. Managers at Wayfair are great and care about you. There's an apprenticeship culture of getting to learn the job of your manager and growing together. There's lots of transparency and decentralization, generally speaking. If you like a start-up culture, and are okay with organically being given (or taken away) opportunities (instead of carefully planned career pathing), Wayfair is the place for you! Comfort with risk, change, and adaptation is critically important piece of being successful and happy here.
Cons
Manager changes are quite common and considered an aspect of the Wayfair culture you should accept. I don't recommend Wayfair to someone looking for stability or to someone who is risk-averse. You have to be comfortable with lots of change to your career. Performance reviews, while called a "360 review" are heavily manager-dependent. This is not uncommon from other companies, but it's important to consider as Wayfair uniquely has tons of manager changes which can really change how your outlook and potential is viewed over time. You will be rewarded for adaptability, being able to adapt to many different styles. If you're very adaptable and can work with many different manager styles, then Wayfair might be a great fit for you. If you hear a promise in your recruiting calls about your role and what it will be, proceed forward with the expectation that there will be a change to your role in a few months. It won't be a change in pay, but may be a change in priorities, vision, manager, org, scope, or duties (all things that heavily influence your career path). Again, not saying this will be necessarily be negative, but more that it may be uncertain.