Pros
You learn a ton early on about the industry that you work in. Have access to high level people at the client in various departments. Are involved in discussions about new business strategies the client is working on. After my first year at Deloitte I had staff working below me so a tremendous amount of leadership experience compared to a lot of other places. TONS of training especially at low levels. You start with 25 days off a year (plus 10 holidays) and receive an additional 5 after you make manager. I don't know how I could go to a job where I only had 2 weeks vacation after this.
Cons
Busy season (long hours during the winter) - Can get repetitive or boring if you're not on the right client. Really depends a lot on the client you're on or the people you're working with. Some people end up on the wrong clients and have to work really bad hours but others work pretty much 40 hours a week except for 10 weeks of busy season.