I've only had experience as the renter, but I've generally been very happy with Airbnb. I've tried various other options too (VRBO, Home Away, FlipKey) and from the renter's perspective I greatly prefer the Airbnb interface.
I haven't had a reason to test any of their protections, and have been completely law-abiding (I'm truthful about how many are in my group, I leave the house with more toilet paper than when I arrived, that sort of thing). So I'm not sure how good Airbnb is if things go bad in one way or another. When I was in deep research mode, though, I decided Airbnb was better on those counts than other options out there. FlipKey for example is really hands-off.