The fact that I know too many people under the age of 22 with no degrees (not to say they're unintelligent), running their own successful "consulting" companies makes me question the industry on its own. Don't get me wrong, it's a great career path for some. But I would hope that any venture I'm apart of won't need it...better options would include corporate law firms that double in business development or having investors with experience and know-how in your field...
I think there is a big difference between Bain or McKinsey and some social media consultancy started by a kid who believes that prolific tweeting is the future of marketing. Both paths might lead to varying degrees of economic vampires, but at least the freelances are trying to build their own business instead of joining the overlords.