A) I would do it as an LLC, as it's cheaper, easier to set up and doesn't require a partnership structure.
B) Not every company is looking for a 1099 employee. In fact, I'd wager that most would rather hire W-2 (US) instead.
C) Trying to go the real consulting route will lead to long-ish sales cycles depending on your rate and what you're looking to do. You'll also need to go through procurement at a big enough place; that, in and of itself, can take a while.
D) You're on the hook for health insurance and retirement. Health insurance is expensive.
E) Days off outside of the weekend and federal holidays comes out of your PnL. You can (and should) factor that into your rate, but see (C) for why that might make building a book of business more difficult.
F) You'll need to sell yourself much more than you would as an employee. If you're the type that hates writing/speaking/meetings/selling, then I wouldn't recommend consulting.