Pros
I can't think of a better place to start your career--amazing learning opportunities, extreme focus on professional development, interesting/important problems to solve, and great people. Staffing model is designed to ensure that you get a range of experiences to develop a well-rounded skillset, preparing you to advance to the next level (a general manager skillset is very transferable to many jobs outside of consulting).
Cons
You will work hard in exchange for those professional development opportunities and interesting problems--that's the deal you make. As a more junior consultant you have less control over your schedule, but that increases significantly as you gain tenure. If you know that you only want to work in a very specific area from the beginning of your career, the model is not designed to accommodate that (and it wouldn't be in your best interest to do so, from a skill development perspective). You are allowed (and expected) to specialize, however, as a manager. From a long-term perspective, the job changes significantly several times over the course of your career--the best consultants are not necessarily the best managers are not necessarily the best partners, but you must play every role along the way.