Pros
You can pretty much work as much or as little as you want. A few strong consultants will work more than 200 hours in a month. As a consultant you have a lot of autonomy. There is very little middle management. The managers that are in place, at least on the Managed Services and Infrastructure side are experienced and very intelligent. The hiring process weeds out the weak candidates, and usually only smart, enthusiastic candidates are brought in. As a consultant you are able to define your limitations and encouraged to grow your areas where you are weak. There are many other consultants with deep skill sets that when combined are able to deliver complex solutions....To the commentators that speak of low salary, you may need to learn better negotiating tactics. A lot of the employees are under 30 and might not have enough practical experience to know what their value is.
Cons
Due to a light management philosophy projects can run into trouble. The feedback both positive and negative is often too late to have much of an impact. As the company grows, there will be a need to cut off many of their current smaller clients, reducing learning opportunities. Too many lone wolves. The most successful projects/solutions are often the result of a collaborative effort, yet there is a resistance by management to assign more than one engineer at a time to a specific client/project.