Cons:
- there was some kind of a bit unpleasent scent in the apartment; it is an older building, so that could be the reason.
- the neighbourhood is not for the faint-hearted. Without doubt, it is safe during the day. However, if you come from a typical middle-class suburbia, you might want to be careful when it is dark outside. I had a little walk around the neighbourhood for one night and was approached by two strangers: one was a beggar who wasn't offended that I had nothing to offer (I really had no change on myself), the other was a teenager asking for directions. We also didn't have any troubles coming from the light rail station (which is 10 mins walking) after 10pm, but there is a certain risk involved in that - keep it in mind if you are with little kids.
- the location of a 24' TV could be a bit better; it was almost impossible to watch, sorry...

Pros:
- the value of this place is incredible; you can't find a better deal if you are after easy access to Manhattan!
- hosts are very nice and friendly;
- again, great access to light rail, which leads to PATH, which brings you right into the heart of NYC (World Trade Center). Takes about 30-40 mins to get there.
- I was a bit skeptic about free parking, but it is there, and it IS easy to find a spot. Also, didn't have any problems with vandalism or break-ins (I've seen relatively expensive cars parked on the street and it seems that nobody bothers about it - which is a good sign).
- you can always park on light rail park & ride lot for a mere $3.75 a day. The lot is well-lit with security on guard.
- did I mention the value? :)