Pros
At least in Consulting, the biggest plus is the autonomy to do the job as you see fit as well as the ownership that is associated with it. You feel like what you do matters because you can see the effects. Fortunately/unfortunately, it's addictive and you can put in a lot of hours and the company does not compensate that directly. This environment definitely favors those who learn independently and can draw their own conclusions, so if your personality matches, you will excel in it.
Cons
Upper management has trouble at following through on what they say. Do they want to become a digital company? Then why are they not investing in it? Why do they look at software development as a loss center instead of a future revenue generator? (The answer is finance which is setup as most EPC firms are which is time and material based - not investment & products). Do you want the best people and retain them? Why are they not able to give raises or bonuses? Effectively, they say one thing, but then they are unable to force the entire organization top down to do it.