It's been 4 years since I worked at the firm as an associate. When I was there, morale was terrible, bonuses were non-existant (except for top 5% of performers) and project work was almost exclusively strategic sourcing.
I have heard that since the MBO, morale and comp has been much better. 2006 was a stellar year for the firm and I've heard 2007 will be OK (but not as good as 06).
Can't speak to training - when I was there, it was cut completely to save $$, and I have no insight into whether or not it has been resurrected.
Overall, morale and comp is probablyon par with similar firms, but probably still doing a lot of sourcing, since any VPs/Partners who could do anything else left during the dark days.