I've worked in both of those situations, but to be completely honest, I believe the variance in experiences introduced by different company cultures, leadership, team members, etc. is so much greater than any systemic effects from the nature of the company's business (e.g. product company vs. consultancy) that it would be pointless and misleading to generalize about one over the other. You can have both product companies and consultancies that will be enjoyable places to work at and it depends much more in the culture and leadership put in place by the decision-makers than whatever is driving the bottom line.
