Pros
You get to work remotely, have a lot of independence, and are generally framed to clients as highly talented, capable experts (and you're usually treated that way). Bitovians are all smart, funny, talented individuals and make me proud to be considered their peers. Time shifting is easy and flexible, and you can basically do anything you need to during the day and put in your hours later -- unless you have a meeting or something else important, you don't even need to ask for permission or mention it.
Cons
Contracting keeps you on the move between projects semi-regularly, which can be draining. Some companies like using contractors as the first line of finger pointing when a project goes downhill. Rarely get to work in-person with other Bitovians, and are usually surrounded by more frustrating people at individual contracts. Constant travel can be annoying, and travel time isn't compensated -- most people are expected to travel for a week every month. Considering we're all supposed to be very senior/advanced JavaScript developers, compensation is also meager, considering the relatively small overhead and the hourly rate charged to clients.