The location is great, right in the beautiful Alfama district, and not far from public transit. Other pros include the excellent little washer/dryer and clothesline out the window, which came in very handy as we had long since run out of clean socks. The kitchenette is very functional, with a stovetop espresso maker, juicer for fresh OJ in the morning, plenty of dishes and pots and pans-- though no sharp knives, which does limit the amount of actual cooking one can do.
Cons include the coffin-like shower, in which just raising your arms to scrub your armpits requires some serious strategizing; also, the poorly-maintained banisters on the stairs.
Then, there's the fact that there are just two different kinds of airbnb hosts: the kind who are sharing their home, or the kind who live far away and it's just a business. I'm pretty sure this was the latter kind, and it was apparent in a couple ways. First, the booking and arrangements to leave bags after check-out were made with Tomas, but closer to the stay, we were contacted by his "colleague", Chirra, who was very nice, but who had no idea when we were arriving or that we had made plans to leave our bags. Then, when we tried to go to bed, we couldn't find any sheets or blankets anywhere. It turned out that the cleaning lady had taken them to be cleaned but hadn't returned them. Whoever I was emailing back and forth with at that point offered to bring us blankets, but said it would take a while for them to get there, and we were so tired at that point that we said no, we were just going to try and go to sleep. So, you know, there are worse problems to have, but it was a problem that I've never had when staying in someone's house. That said, it was still a charming location and really did the trick for us, despite the hiccups. I would recommend it as a place to stay, especially if you're the kind of traveler who wants to be able to cook and do laundry, but wants just a little more privacy and comfort than is usually available in a hostel.