I had a surprisingly negative experience that I can't fully blame on Pedro (the host). Airbnnb is as guilty of perpetuating such bad host behavior as Pedro is!
TL;DR (I hope this helps someone not fall into the same trap!):
I was offered a substitute flat instead of the one I booked with no prior notice ... completely last minute.
This substitute flat was noisy beyond anything I could put in words. The whole floor was shaking from the bass music of the club underneath. We were right next to the busiest street in Lisbon!
All of this without me knowing what I'm getting myself into ... So, as soon as we discovered we're trapped I booked another hotel, called Airbnb (who assured me I'll get a refund because I'm right!) and left the apartment.
The next 6-8 hours and next couple of days of our trip was wasted negotiating with Airbnb and the host to get a refund. At the end they only gave us a small <30% refund and a coupon!
Shame on Airbnb for empowering such horrible behavior from hosts. The lesson I learned was that Airbnb is no longer guest-friendly and have become worse than the worst hotels.
This is how you get disrupted as you become complacent. Shame on you for causing so much pain and anxiety for a guest who was clearly wronged and mistreated!