I can't comment specifically on this individual's firm or situation, but the large consulting companies (McKinsey, Accenture, Bain, etc.) hire a fair number of people straight out of school - it entails a lot of data analysis, at first. It is a highly coveted job and they work you pretty hard, but it can give the right person a lot of opportunity. I think they count on most in this role to work for maybe 2-4 years and then head off to B-school. Most of the people I know who did this track were pretty bright and motivated.

As for the work experience? I know people who are on the partner track at consulting firms that have never worked outside of consulting. There are also those (like yourself, it seems) who take their accumulated industry knowledge and offer it out. I think there is a general divide as to which is best, but you can definitely be a life-long consultant.

As for the OP. You should check with your company. If it is one of the large firms, there is a better than even chance that whichever airline(s) your company contracts with will give you elite status as part of the contract. I personally know that this is the case with at least two consulting companies. In the event that they only have the arrangement with, say AA, and you plan on flying CO, you can always get the free AA membership and then try to have CO match. You may not get it, but it is always worth a shot.