Pros
Lots of positives: - Everyone moves fast. Things definitely break, but there aren't layers of approvals, meetings, etc.. Just go do it. All employees are VERY empowered to go off and build, fix, and suggest improvements. This environment is very motivating. - Downside of this, work can take over your life if you let it. You need to have your personal life in order, or no personal life, to defend other aspects of your life. Not for those that are not disciplined. - Smart people - You learn a lot (also due to the very open culture of sharing information), but also forces you to be concise, efficient, and direct. No games (mostly), 2 hour meetings, etc. Forces you to maximize your time and grow yourself and your role.
Cons
Tough work/life commitment Some cultural elements/tools don't need to necessarily change, but need to be adjusted for a larger company. Better to get these discussed in the open as Facebook evolves.