Pros
Good client facing exposure. You'll be exposed to some good clients if you're in Catalyst. The people around you are very much supportive. Good for an MBA grad without any prior work experience who wants to get into consulting.
Cons
The above mentioned pro comes with multiple costs. Work life balance hardly exist, people work on weekends and even on holidays. Although work-life balance is preached, but its not practised. Pay is low as compared to the workload and w.r.t industry standards. Growth opportunity is very very limited. Cut throat competition is present where everyone wants to impress their managers with work and in turn ends up overworking and drained out without any rewards or recognitions. Further, attrition rate is very high due to all these mentioned factors.