The locations are usually nice compared to a business hotel, but rarely special. The "local knowledge" is no better than that from Lonely Planet / Trip Advisor. And if something goes wrong then I have much less recourse than I do with a hotel. If the room is noisy or smelly, I can't simply get a resolution by talking nicely to the guy at the front desk.
This might have been the case early on in AirBnB's existence. Now most of the places I've been able to find are just small-time hoteliers. The owner may have half dozen listings in Airbnb with the same generic IKEA furniture.
I've gone back to regular hotels. While I really enjoyed AirBnB in the past there were too many hit or miss experiences. I've had a few owners pull our reservation at the last minute.
I've also stayed in truly fantastic AirBnB apartments in Europe that made my short stays feel like I was staying with a dear friend.
The most exquisite AirBnB I stayed in was in Croatia. The owner set up the apartment like a hotel, but offered homemade liqueurs and chocolates to his guests. He even picked us up from the train station and gave us a list of places to go and restaurants to try. The rate was insanely affordable, too.
Even in Murmansk I visited few months ago, airbnb 'studios' meant, a guy, who bought big apartment and divided it into three to four separate 20m studios. All ikea refurbished.
The only folklor I got, was local 'manager' who arrived in ultra old (suprise it still worked) https://en.wikipedia.org/wiki/ZAZ_Zaporozhets
As for the hosts, with one exception they have been extraordinarily helpful: pickups at the airport/bus station, free tickets to a Paris musical(!!!), free lodging with the owner's friend after a devastating hurricane(!!!). I generally have an ongoing conversation with the host via email over the course of the stay, and the cool local tips flow freely.
We intensely detest corporate hotels these days. Gonna be in one in Atlanta for two days this week. Yuk.
I was in the middle of scoping out the area around the Fair Market in NYC when they passed that recent anti-AirBnB law.
I've been to several different countries in the past year, and have stayed at AirBnB's every time. Sure, there were some issues here and there that would not have occurred at a hotel. But I'll be damned if it wasn't nice to stay nestled into the local neighborhoods, and meet (and sometimes drink) with the hosts, who were always gracious and helpful in pointing out the best places to check out that are off-the-beaten-path.
For what it's worth, dedicated buildings for AirBnB's really rub me the wrong way, because it often takes away from the charming/local feel of the place/host. I try to avoid booking places like this.