Pros
Facebook has a completely transparent and intellectually honest culture, which is incredibly important. The company also cares about making the world a better place, and takes to heart our version of Disney's famous "We don't make movies to make movies, we make movies to make money." We really believe that. The work environment is incredibly fast paced, there is an absolute minimum of red tape and politics, and everyone is empowered to have immediate and massive impact. Feedback is offered quickly, honestly and constructively.
Cons
Expectations are incredibly high, which means that you have to work very hard. Number of hours by themselves are not how you're evaluated, but the amount of work necessary to do a good job is not insignificant. This is not a place where you can screw around and just get by.