Product vs Consulting business? Pros / Cons?

What are some pros or cons to pick consulting over building a product and vice versa? From reading Patio11's posts on HN, it looks like generating money is quickest with consulting, but long term it's better to have a product.

What are some other pros / cons?

Consulting

Pros:

• Easy to start and easier to grow than a product initially.
• Good way to fund a product based business without raising money.

Cons:

• You only make money when you're working. If you're out sick or want to take a few days off, you lose revenue.
• As you grow (add employees as consultants), filling the client pipeline gets harder and harder.
• Employee turn over is much higher.

Product

Pros:

• After you reach critical mass, growing a product based company is easier.
  
• You can generate revenue while you sleep.

Cons:

• More time consuming to start and maintain
• The initial phase to profitability is longer than a consultancy.

Which would I prefer: a product based business any day of the week.

One strategy many people use is to do consulting on the side while they're building their product. This hybrid approach makes it easier to burden the initial no revenue phase while you're building your product.

Tip: If you're going to consult while building your product, treat the product like a client. Schedule hours and prioritize tasks just like you would for a client. This way you ensure you don't neglect the product.