Pros
Vacation is accrued each pay day at a rate of almost 8 hours and this number increases as you climb, which is really nice. The benefits of being a travelling consultants are nice. Many have been known to pay for entire vacations using accrued mileage and hotel points.
Cons
It largely varies by project but in a general sense, you get penalized for taking "too much" vacation. You are expected to work a certain percentage of the fiscal year and if you don't meet this, you can end up with a bad year-end assessment. They preach work-life balance but in most cases, make it difficult for employees to balance the two. You are expected to surrender your life to meet the needs of the client, and could still get a bad rap if you don't meet other firm obligations. Doing your job exceedingly well (in many cases) is not good enough. You are expected to continually find new ways to do something with a wow factor that could get to the ears of upper management