While the office does have free food/drinks and social events - you'll be lucky if you can actually find time to head over there. A lot of the clients/projects have demanding work hours, which makes work/life balance obsolete. So, for the most part, you can forget about dropping by for an afternoon cappuccino.
I was lucky enough to land on some of the more strategic/advisory type projects that Capco has. However, the majority of my experience at the company can be lumped into the dreaded "staff aug" bucket. I was essentially doing the work of full time employees and not actually consulting. If I'm going to be doing that kind of work I might as well be treated like a full time employee (e.g. better hours & work/life balance, better management/oversight, more money [yes, it's surprising]), etc.).
As for pay, I know that HR regularly responds to these posts stating that they pay industry or above. However, this is not the case for people promoted internally. A lot of people are signifcantly underpaid (even with getting solid 5s and 4s). Sadly, it seems it takes threats of formal complaints to HR for people to see any sizable bump at year-end. I was aghast when I found out what a new hire with the same experience was paid and decided it was time to look elsewhere.
And for the obligatory HR reply to this post - yes, compensation complaints were discussed with my coach as was the lack of work/life balance (and also raised to client relationship manager).