Pros
Merit-based advancement and the people are incredibly intelligent and motivated but also down-to-Earth which makes working with them enjoyable. This is particularly true given how management consulting can in general, at times, be a tough industry with long hours and frequent travel.
Cons
When trying to woo college grads to come work for us, we can't rest on our "laurels" of being McKinsey, Bain, or BCG -- we have to work hard to help them understand that we do work as or more powerful and insightful and that our people are just as talented. While this is doable, it can constantly feel like you're having to fight the same battle to convince these people when all you feel you'd really need is to have them work on a case for 2-3 months and they would see how great the firm is without needing any convincing!