Pros
1) The only metric we're measured on is "impact". This feels completely fair to me. It also means you get to pick your own hours as long as you get some impactful things done and you're still in sync with all of the other people on your project. 2) It's easy for engineers to switch teams. That means you don't need to know what you enjoy working on before you join and you can't get stuck with a bad manager. 3) New York-specific: the company is in East Village, which means you can live in the most exciting part of the city AND have the luxury of walking to work. 4) I think Facebook's company history is interesting. 5) Facebook's language infrastructure is phenomenal. Its PHP and Javascript is type-checked, which makes it so much easier to read without typeof checks everywhere.
Cons
1) New York-specific: There's about 15 different engineering teams to choose from, which can be a deal breaker if your heart is already set on a particular team we don't have.