Great company to work at - do not believe to different news
Pros
I work in company for 6 months, but I like how company works and operates. One of policies is an openness - this includes famous weekly Q&As. Senior management tries to explain the background behind decisions, so you know why one or another thing had to be done. In general everything focuses on making product which would be better for customers. There were a number of mistakes makes with privacy perspective, but there is a trend to improve this. This is very good approach - instead of hiding mistakes, company focuses on fixing them. After getting an offer I was not sure to join the company because of its reputation, but being inside I figured out most of this is an exaggerations to make a hype in news. Work style is very flexible - you want to deliver new things, to make an impact, but from another perspective, it is not demanding and it is far from sweat factory in some other companies. It left time to learn something, you can attend many meeting remotely. Work life balance is very good - it is difficult to improve it without affecting the work (someone should do the work, right?). There are a lot of young people around (ex-students, but usually with great knowledge), but also there are still a number of experienced people - so aging doesn't seems to be a problem at FB.
Cons
Work style is open space. Many new buildings are awesome, while a number of old buildings are depressing - dimmed lighting, gray ceilings. Some buildings have a quiet policy, but for others it is not so good. I'd recommend remodel old buildings (hack, paint ceiling to a white, so it will reflect the light, install better lighting, work with designers!), split large rooms into smaller, team-sized rooms, add more VC rooms so people could easier get on conference call without disturbing others. Another minus is hyper-concentrated campus in Menlo Park. It is difficult to find a good, reasonable-priced rent in that area. It works well for young people, but for families with kids there are a lot of other factors to be taken into account, so Menlo Park area just doesn't work.