Good compensation, benefits, and work/life balance
Pros
I have been with Facebook for 3 years. The company works hard to look after its employees and provide them the best benefits and services. I have yet to see any layoffs. Even when jobs are eliminated Facebook provides assistance to find another position within the company. This is very different from my experience with Coca-Cola and CNN, both of which had regular large scale layoffs. Compensation is very good, especially for engineers. But It can be difficult to get an interview without an internal connection/referral.
Cons
I have had 6 managers in 3 years. Facebook has a lot of reorgs. And I am certain all of this change has hindered my career growth. Even though I have received top reviews I have not been able to achieve a promotion. Regarding the culture -- Generally everyone is great to work with and good at their job. However, there are a some people who seem unfamiliar with a professional work environment. These people can cause lots of drama and generally seem ungrateful for the tremendous opportunity we have at Facebook. It can be difficult to deal with all the attacks on the company from the press. When you see so many amazing people working hard to get things right, and the press only focuses on (predominately false) negative articles, it is hard not to get discouraged.