Pros
Great place to work right after college, work hard play hard culture, social teams, make new friends, good name on the resume. Think of it as a bootcamp for your next job. Then leave after a year or two tops, because the company can't and won't compete with any doors that it will open for you.
Cons
Can't hire enough new talent to fill roles in many departments, which only increases the workload and pressure on entry level workers who are already underpaid. Toxic management styles are overlooked as long as business objectives are met. Entry levels are taken for granted and in constant turnover since Wayfair would rather pay the bare minimum than pay competitively to keep seasoned employees on staff. Internal politics have too much weight on leadership in some departments. Work/life balance is great on some teams but terrible on others. It's become notoriously bad in some creative roles.