FactoryBot is the industry-standard library for setting up Ruby and Rails test data. 

It allows you to define factories for your models, providing an easy way to create test objects with consistent attributes. 

The factory_bot_rails gem integrates it directly into Rails, autoloading factories and offering simple methods like `create` and `build`. Setup requires adding the gem, configuring spec/test helpers, and defining factories under `spec/factories`. 

Strengths include reducing test duplication and improving clarity, while weaknesses are potential misuse that can lead to slow tests if factories are overbuilt.