Pros
Payment is based on how much you work. You determine your own bonus essentially... If you work more than 40 hours per week (billable hours) a percent goes towards your bonus.
Cons
I wouldn't recommend it for someone new to the field. The world of consulting always has the issue of keeping people on 'the bench'. Essentially if the firm is not able to produce enough work you have to wait until they have it... ideally you should use this for training. Which is fine if you are more established and know what to study in order to make yourself most marketable. But if you are new it can be a good deal of guess work... While you are guessing the company may a multi-month dry spell meaning you find yourself fairly bored, consistently studying new (seemingly random) things in order to make yourself employable, oh and your pay is almost cut in half -- which sucks. Upshot, I recommend new college grads go somewhere that focuses on teaching you marketable skills and then lets you put them into practice.