Pros: Great location on Waikiki, walkable to many great restaurants, bars, shopping. Having a parking space is absolutely a necessity if you want to stay in Waikiki, air conditioning is a great perk as well. Great views from the balcony, there's complimentary beach equipment, including sunscreen/bug screen for use which is a nice touch.
Cons: There's a provision in the airbnb check in process which states that any faulty equipment must be reported, or else you will be assumed responsible for the damage. I don't know if this is standard for all airbnbs. But the implication is that if an appliance is found faulty later, you could be liable for damage, even if you never used it, just because you didn't check if everything was working beforehand. This is the first time I had to do a maintenance check on appliances after checking in, which I did not like. Overall apartment was clean, however bathroom towels were old (we used our own), and the inner shower curtain was moldy.