Pros
Facebook is a fantastic place to work. Yes, you get to work on big things, there are cool new opportunities all over the place, and there's lots of cache...but what really matters is that this is a place full of smart, engaged, and driven people. You don't have conversations at Facebook where you walk away saying "he just didn't get it." This makes every day so much better it's hard to even begin to explain.
Cons
Management is great at a lot of things...but not necessarily at manageing the business. Random stuff just happens that sometimes doesn't make sense across all aspects of the business. Often, initiatives just happen over night, without properly involving all the relevant stakeholders. Sometimes the business side of the company seems to be operating in completely different world from the engineering side.
