Preface: I don't know them at all, this is from my own research/reading Vault/this forum.
What does the phrase "Strategy Consulting - with an analytical twist" say to people? (It's how IBM advertise their S&C division in their graduate brochure.) Surely most/all entry level strategy jobs involve a fair bit of Excel/number crunching - maybe it means that IBM entry level involves even more number crunching and less client involvement than most? Possibly because the job is being a "strategy adviser" within an IBM project team, rather than a member of a "proper" consultancy team. Just my reading of it, perhaps the cynicism on this forum is starting to get to me!
The hours seem to be relatively low for a consultancy job. The pay does seem to be noticeably lower to go with it though (£32k + £3k sign-on bonus - not sure about other bonuses) rather than more like £40k(ish) + £10k(ish) bonus at Tier 1 or 2 strategy houses.
The S&C team is quite small, think it's about 50 people. Might be smaller, friendlier, less cut-throat than something like MBB but at the expense of less interesting work/lower pay??
Just a guess :)