Pros
As a consultant, you receive decent quarterly bonuses, great stock grants, and your cell phone bill is reimbursed. You can take Red Hat training courses and certification exams for free if you can get a break from your normal job duties to take them. You get to work at a lot of different places, work with really smart and experienced people, and learn new things constantly. I never feel under-challenged.
Cons
The salary could be better, but it's offset with bonuses and perks. As a consultant, you may have to travel a lot, but this is something I personally enjoy. While you learn new things every day, it can also make you feel like a newbie every time you go on a new project because there is always endless new things to learn. You get placed in some very high pressure situations which can be stressful at times. Promotions can be rather difficult unless you are an absolute rockstar.