Pros
Lots of hands on experience and leadership available for those just entering the organization. Ability to directly interface and be POC for client on a topic or area.
Cons
Every consulting firm has long hours and high pressure, although, many have ebs and flows. Be aware that there are more flows than ebs. As far as advancement and personal growth, know that upon entry your growth will be high as you will be expected to take on much responsibility and own many areas. However, once you reach a certain point leadership tends to box you in. To move forward after that point is very much rinse, wash, repeat, and gambling that the manager or project you are on is visable enough for those same actions to make a difference. It's all fine and dandy to have politics, but at the point where job satisfaction from the day to day tasks is waning, the corporate grind takes its toll.