What is the long term career prospect of a contractor/consultant in IT field vs a full time salaried employee?

The usual arguments aside: Stability vs more upfront money;paid leaves vs tax savings;less paperwork vs more freedom;stagnation vs changing job environments etc etc etc

Can some one with a long career experience in hopefully both sides of the divide comment on the pros and cons of contracting vs being an employee?

This will be beneficial for all if only people with ample experience choose to answer. Comments are always welcome though.