Pros
I would say, it allows you to maintain good balance between professional and personal life. Ideally, one should not expect to take care of errands in office time everyday. Once in a blue moon is ok which they welcome. Salary wise, I think it is fair enough and if people are clinging on to it, then that must be one deciding factor for sure. People (Technology) are the good that I have come across. There is lot of learning scope. Thinking out of the box is encouraged. Taking PLOA is always welcomed. I know as person, I would like to morally correct and not take salary for personal work. Not something many would come to term with.
Cons
with reference to point 1, Welcome to time off (for an hour or so) but it has to come off from time sheets or put it PTO. It is something not one does intentionally. Sales people are pretty weak and you are not very well looked upon once back from assignment, even though you did pretty well. Poor I am not talking about. It should not be consultant's job to keep looking for a project(it's not a staff aug which it used to be) not it is service based model and should move a step further. Management needs to understand wholesale is better than retail (analogous to putting one client at higher price or two consultants at 60% billing rate)