recently had a airbnb stay in tokyo.
Pros:
Larger room for the less than the price of a hotel room. Place I stayed was bout $60 per night and it had an extra bedroom which was not even needed.
Can choose to stay at quiet residential areas.
Cons:
Reservations can go wrong last minute. I head stories about owners not showing up with keys etc.
Need to be more mindful of neighbors. No loud TV, no partying etc.
No concierge for restaurant reservations.