Pros
Everyone talks about the free food, fun environment, etc but I definitely think the most valued benefit to working at facebook is the ability to basically set your own hours, freedom to work from home when you want and as much as you want/can, and all this with little to no interference from management. It's just great to know that if you're not feeling well but not necessarily "too sick to work" you can stay home and work (they provide laptops)....oh and...sick days are not counted against your vacation if you really needed to take a real sick day anyhow.
Cons
Because of the work from home policy, you do find yourself basically working all the time in a way. Some say it's a downside, I personally loved it! As long as I got my work done my boss didn't care how much I was actually in the office. However, I do have to say, that I did NOT abuse this. I really only worked from home when I absolutely needed to. I'd say out of a year I probably worked from home maybe about 2wks worth.