Pros
Accenture actually does have a Strategy practice. When it chooses to, Accenture hires great people in the Strategy division and deploys them on a range of meaningful, exciting projects around the globe with top-notch clients. As an Accenture consultant (particularly in Strategy), one has access to a range of work from M&A to Growth Strategy to Operations Improvement and Business Transformation work with some of the world's top company's. More and more, Accenture beats out competitor like Bain, Booz, McKinsey & BCG by delivering actionable results often at considerable value for the client.
Cons
Meat-grinder, plain & simple. Consultants often work Investment Banker's hours but make far less money. This is true at all the top firms, but it is especially true at Accenture where salaries are 20-30% lower on average than the mainline strategy firms. The hours are also longer b/c in order to beat its competition on price, Accenture partners often sell work for less, then staff projects with fewer resources than needed to adequately complete the job in a timely fashion. Working for days on end without sleep is commonplace and in fact expected. Like many places, staffing for plum assignments, reviews and promotions are highly subject to politics. The rule of thumb is "make yourself indispensable" -- what that means is find a Partner who likes you and do whatever you can to make them keep liking you. Unfortunately that can mean tolerating unprofessional and sometimes abusive behavior from Partners. Accenture is technology firm first and much of its business growth is in it's outsourcing practice so if Strategy is your primary interest, its a good place to learn but not a good place to build a longterm career. Also, many of the mainline firms don't respect Accenture as a top-notch strategy player so be sure to build a strong network in the field if you ever want to get out.