The most simultaneously thrilling and frustrating experience of my life.
Pros
It's impossible to describe the best reasons for working at Facebook without relying on cliches, but in this case they're true. Because Facebook is one of the greatest companies in the world today, working there gives you the opportunity to work with some of the smartest, most interesting people you'll ever meet. It's also pretty amazing to be part of a product and a company that are changing the world.
Cons
There's no real career path; you have to look out for yourself and actively work toward finding things to do that you're good at, and you love. The good news is that there's a lot of potential to do this; the bad news is that no one's going to hold your hand while you figure it out. The relationship between technical and non-technical people is tenuous, much like it is at any tech company. Everyone you know will send you emails when their account is frozen. You will constantly feel so excited about the potential for changing the world that you'll also constantly feel frustrated that we can't do everything all at once.