Pros
The firm is a good place to start a career--particuliarly if you're young and willing to travel internationally. Travel is consistent--and mandatory. The camraderie among analysts, consultants, & associates is great, and the firm does invest in programs to try to provide events, etc. If you are interested in specific areas--like aviation & retail (think pricing), the practices are deep and you'll get promoted--at the cost of specialization early on. It's not the place to go for a broad-based, traditional strategy consulting experience, but you'll move up quickly if you have a knack for either of the aforementioned areas. The firm developed some flexible work options during the market crash in '01, and they're still in place, which is good.
Cons
The issues are that most of the good people leave for better jobs--and as of last year, the management seemingly ignored turnover and did not confront the source of poor morale. People at other firms generally seemed happier with compensation, managers, work-life balance, and project choice. There are quite a few awful project managers who were promoted up through the ranks based on sheer analytical skills...some have the rare ability to lead and teach those skills. Most do not, which results in really unhappy and ineffective project teams that work quite a few late nights. I've heard they put in place morale measurement on project teams, but this still doesn't factor into comp or promotion heavily--so I'm doubtful much should change.