A unique culture, a unique opportunity, and a unique time...
Pros
Facebook is the most unique company I have worked for or experienced (and due to the nature of my role, I have been exposed to a lot of different companies in my last two jobs). The company's open culture is mirrored in its facilities (everyone gets a desk, no offices, no cubes), and reinforced all the way up to Mark. It is staffed by some of the smartest people in the world who are industry leaders in whatever it is they do whether it is software engineering, design, public policy, even more traditional functions like HR and Finance! Facebook redefines what it means to be a corporation with its unique move fast and break things culture, its culture of discipline, and its innovative and iterative approach. What I have learned in my two years at Facebook has been far more impactful to my career than all of what I learned in my first 15 years and as such, I still tell everyone that it is an honor for me to have the opportunity just to walk in the door.
Cons
Despite the upsides, it is not all roses at Facebook. It is extremely difficult to get hired at the company given the companies intense focus on culture and values (which is not always accurate). It is also an intense environment, and not for people who are looking to coast. This can be difficult for people with a lot of obligations outside of work. Finally, it is a growing company and with growth comes growing pains. things don't stay the same and people who come to Facebook need to expect that things will evolve while they are here. The best people will see that as a challenge and a leadership opportunity.