Pros
Since we are a consulting company we are given the opportunity to work on a wide variety of projects in a wide variety of companies. In many markets we still have a relatively small workforce which means that each and every contract can be a huge opportunity for the individual consultant, the region and the company. We are a company of technologists. Our core workforce consists of software developers and software architects. That permeates the company's culture which is wonderful compared to some consulting companies which have downplayed the value of having a consulting force of expert technologists.
Cons
Depending on the maturity of the market in which you live, you may have to do a considerable amount of travel. This also holds true if your skill set isn't in demand in your city or region. It can be difficult to get what some of consider the appropriate amount of recognition if you live outside of your regions primary city. This is not to say that the review process is critically flawed or anything but it sure seems to help those that live and work in the primary city. Perhaps they are just provided better opportunities due to working in a more mature market.