Pros
Total autonomy! You can work where you want, when you want, and as much or as little as you want. Since compensation is directly tied to client load, if you want to take time off, you can simply choose to accept fewer clients. Another plus is the joy of helping people during a very difficult time in their lives (unemployment), especially during the current recession.
Cons
No benefits, no paid vacation, no 401K match. This is a very lean running company, and any perks go to senior management. But, senior management has taken their fair share of the compensation hit during the current recession.