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Pros
Pro Blocks facebook ads
Facebook continues to increase the number of ads shown to you, so having them automatically blocked can remove a lot of clutter from your feed.
Pro Lets you search through your feed with keywords
Friendly for Facebook has a powerful keyword filter that lets you see more of things you want and exclude things you don't. So if you want more cute animals and less politics in your feed, the filter can make it happen.
Cons
Con Information collecting
"Friendly" collects all user data, including your personal information. Facebook have a lot of problems with security. Are you going to trust some thirdy-party developer that selling your personal information? Not friendly at all. "Friendly" privacy policy: http://friendly.io/privacy/
Con Some inconsistencies with the UI
There are some elements that don't work as smoothly on the app as they do on Facebook. For example, you can't scroll your suggested friends list right or left, and some users have noticed their images overflowing slightly.