What are the benefits and drawbacks of working as an in-house developer versus working as a consultant and vice versa?

I am pretty sure both breeds can be found on these forums and I hope you are willing to share your experience.

Edit: Let me clarify the question. I wonder what the experience is like being a developer. For example: being an in-house developer, you are able to learn from your mistakes. Being a consultant is often more challenging, because there is more variety in the problems you have to solve.

PS: Although I realise that this is a subjective question, I don't necessarily see it as one of those bad-subjective questions.