> I've done the first, but not the latter.

I have, when I went to Microsoft. I suppose it would depend on the company. With Microsoft's work environment, I'm not exactly working in my underwear, but it's loose enough around here to not miss independent consulting much. There is also something to be said for knowing exactly how much money is going to come in each month. <g>

OTOH, I've been a consultant for several companies that couldn't pay me enough to go to work for them.