in my experience cheaper. you get more room and stuff for your money. but it's also more inconvenient:

You cannot just enter a date and click button "Book Now". You have to contact multiple hosts and arrange key pick up and stuff.

You cannot just leave the room in whatever state and checkout. You feel like you have to clean and tidy it up a bit.

Picking up keys can be a hassle sometimes.

However you don't have to pay for silly services i never use in a hotel (conference rooms, business centers, telephone in the toilets, etc).

what is "that"? 50% off? 75% off? I've been using AirBnB to book places for my conference speakers for 2 years & I usually get between 30% and 55% off from a comparable hotel.

Agreed, but in my experience the rooms are better than a hotel.

Depends on the location. There are other perks as well, such as a kitchen, unusual locations, cheaper long-term stays, etc.