In terms of total compensation, I probably pay myself about what I would make at one of the big tech companies. (Side note: before changing to consulting, I did spend several years working as an engineer in a "real" job at a large medical device company.) The real appeal to me is twofold: first, I have strong control over my time; and second, I get to see and work on a very wide range of interesting projects and challenges. You can certainly get all of this in a traditional job as well, but my personal opinion is that it's easier to find it as a consultant.