Pros
You want to go into consulting out of college and work your way up in one firm. This is a great place to do that. If you're smart, and work here for the first 8 years of your career, you will do very well. Period. Far and away superior training to the other mainline consulting firms (excluding all the strategy firms, I'm just talking about the traditional systems integrators). The general training at each level is now probably the best in the business, and the specialist stuff is excellent. Meanwhile, on the job learning is excellent as Accenture has a very strong team-oriented culture, and people will go out of their way to help each other out/teach. Culture is (in my opinion) great. It's a bit abrasive (people can be mean), and it is known to be arrogant since the Anderson Consulting days, but some mellowing has occurred in the last few years. Lots of funny and interesting people. Lots of irreverence. The brand is another excellent reason to work here. In just 7 or so years since coming up with the name, it is (I believe) the most recognized name in professional services. They've done an amazing job. From every billboard you see at the airport, to most every deliverable you bring to a client, the brand is positively reinforced. (Funny note though, most Senior Executives just hate the Tiger Woods stuff... go figure). Good clients. All in all, Accenture clients have something going for them, or they wouldn't be able to afford the rates. Lots of name brand clients means your market value is shooting up every 6 months. Good networking. Accenture people are good at referring opportunities to their co-workers. People tend to look out for each other more passionately than I've observed at the other firms. This goes to the "us vs. them" mentality that most Accenture hires have that join out of college.
Cons
You simply cannot be an experienced hire and expect to do well at Accenture. That's not to say it doesn't happen, but look deeply at the numbers... between 50-75% of their experienced hires quit within 12 months (I received that number from a high-level Senior Executive). The firm has always had this problem, but even with the desperate need to hire at all levels from outside, this probably is not going away at all. You're way better off at one of the other firms if you have more than a few years of work experience. Less ramp up, far more respect right away. Performance reviews are actually overly critical. If you're writing one, you almost feel a pressure to be a little negative. I only comment on this in relation to having worked in other big consulting firms, where I realized the Accenture harshness on these things isn't all that necessary. I'm not sure much value is added sometimes on these things, and I can't count how many times I've heard of someone quitting because of a negative (unnecessarily so) review. Happens all the time.