Job decisions... independent Webmaster or Employed consultant?

Not to sure if you guys think this is a 'no-brainer' or whether its a more complex choice, but here is the scenario.

You have the choice of either persuing a career as a self-employed webmaster running your own sites (and other peoples) or getting a job at a top flight consultancy (eg Accenture / IBM Consulting etc) which obviously requires top qualifications etc.

In terms of earning, they ultimately pay roughly the same, but the consultancy is regular pay with good pay rises and good promotional opportunities, and the webmaster pay is obviously flexible and irratic, but there is always room for quick improvement.

As a Webmaster you are your own boss in a very competitive environment, but have ultimate lifestyle flexibility, but very low barriers to entering the market. As a consultant you have to travel all the time, and have little flexibility in your lifestyle (apart from 6 weeks paid holidays etc)

So is this a clear cut decision for most people? Does it depend on your past experience and where you are coming from? What decision would you make?

This is obviously about my personal situation right now. Ive been a self-employed software contractor for 5+ years (plus supplimenting with various bits of webmaster work) now Im considering 'permanent' employment verse going webmaster fulltime.

Any comment and experiences appreciated. Thanks guys....