The biggest problem I have is that they will not allow you to have a STRICT enough cancellation policy. They have several levels of cancellation.
Flexible, Moderate, Strict and there's a LongTerm that kicks in when it's 30days or more in length of stay
that the host can choose from, the host can also petition for a Strict30 and a Strict60
a LongTerm that kicks in when it's 30days or more in length of stay
Anyway, with the Strict policy the guest can cancel and get half their money back down to 14 days prior to check-in and, of course, you now have a reservation that you would not have made and you cannot cancel w/o losing your points.
Here's another story from a site called airbnbhell.com
Airbnb has a policy of cancelling for emergencies with no penalty no matter what the host has for a policy.