Despite the excellent benefits, working at Yelp will eventually destroy you. The entire environment is engineered to be highly stressful every moment of every day, while simultaneously gaslighting the reps and convincing them that this stressful environment is normal/standard/healthy. The atmosphere is so stressful and toxic that people regularly break down crying, throw up in the restrooms, or quit without a backup plan.
Yelp's sales strategy can be summarized as this: Lure in fresh college grads by promising them a hip young culture, then take advantage of their energy and ignorance of corporate life by working them so hard that they produce a decent bit of revenue before completely burning out and quitting.
Yelp is very quickly losing ground as the market leader because they almost entirely neglect their technology. Rather than acknowledge their shortcomings and working to improve them, Yelp just puts more pressure on its sales force. In fact, the entire sales organization is just a hierarchy of unending stress. Reps are under pressure from their managers for not doing well enough, and those managers are under pressure from their manager, who is under pressure from the head of the office, who is under pressure from HQ.
You will not grow at Yelp, either personally or professionally. Your job is to pick up the phone 80+ times per day and read a script. You do this 8 hours per day, 5 days a week, forever. You will not learn anything new, and you will have no energy outside of work for self-improvement. You will live and breathe Yelp.
You will be micromanaged into the ground. Managers are required to be on their feet all day long, pacing around to ensure you remain enthusiastic and stay 100% on-task. I once counted the number of times my manager paced around my desk in a day -- it was in the 90s. If you are even a minute late, your manager will pull you aside and tell you off. In addition to your 1-hour lunch, you have two 10-minute breaks per day (the legal minimum), and God help you if you are away from your desk for longer than that.
The "team" culture will be forced down your throat. Your team will have off-site excursions and you will be expected to attend, even though you will not be paid for this time. If your team is not performing to expectations, your manager will bring you into a room and essentially tell you that you need to do better, while providing no valuable feedback on how to do so. Whether or not your team is doing well, expect to have at least 2 team meetings per day.
Something you will learn very quickly is that due to the bad product and manipulative (and unchanging) sales tactics, Yelp is absolutely despised by nearly every small business in the US. Do not mention to any business you frequent that you work at Yelp -- it will not be a pleasant conversation for you.
In addition to all of the above, the clapping, gongs, and bad techno music blasting through the speakers will ensure that you are stressed out of your mind for 8 hours a day. This stress will grow and fester over the weeks and months until you are an empty shell of a human being. But they won't fire you. Oh no, they'll keep you around for months, subjecting you to the same monumental stress and wearing away at your psyche while making you believe this is all normal.
For the love of all that is holy, PLEASE avoid working here. Yelp will absolutely destroy you.