From a buyer's standpoint, my experiences have been pretty good. Only choosing items of "Excellent" or "Like New" condition, I have gotten some really great things and a few times have gotten things with defects. In the case of defects, my issues have been resolved quickly in the way of refunds or credits.
From a seller's standpoint, my experience has been negative. My most high-end item, a like-new sweater by Free People (which is a brand that they specifically ask for), was not included in my listed items. When I asked customer support about it they said that the sweater was not received. I know for a fact that it was included in the bag. Funny enough, the customer service agent asked me for a link of the item and the first thing that came up when doing a Google search for it was a Poshmark link, for that same exact sweater, in the same color and size, published between the dates of when my bag was received by ThredUp and when my items were listed. Is this just a coincidence?
Similarly, when I asked about a like new pair of heels that I included, they said that they were donated because they had a defect or too much use. Fishy as they were in like new condition.
Additionally, I had checked the ineligible payout brand list before sending in my items and my brands, most specifically MNG and Knockaround, were not on there. Hmm. I came to find that these items have been listed, but have been marked as being 'ineligible for payout'. This is also curious seeing as how the price points of these items are set higher than several of the prices on my other eligible listed items (supposedly items are considered ineligible for payment because they're at a very low price point) and now interestingly enough, MNG and Knockaround are indeed listed on the ineligible payout list. This seemed to have happened upon receiving my items.
I should note that the support agent did offer me $20 for the missing sweater and a refund of the bag fee for the shoes, however, this will still be my first and last time selling, especially higher-end items, with ThredUp. Seeing these kinds of things happen to sellers also turns me off as a buyer.