Everyone, Thank you so much for your advice.
I've also looked at consulting in the manners mentioned above. As a technologist building solutions for many different industries sounds awesome. Building the network that can only be built in consulting sounds even better. As the "product" of a consulting organization I know I'll be getting ample training to be successful in my career. Lastly, as I make a big life changing move, now would also be the ideal time to try new things and experience new industries. Consequently I fear the more time I spend doing programming the less time I have improving skills outside that domain.
As for the PM role. I've spent the last 4 years polishing my career profile to not be "another software engineer." I've sacrificed compensation (to a small extent) by not jumping to a new company and functioning as their Sr. Programmer because of the leadership experience I was gaining with my current employer. If I choose the PM role I'll be doing that again (~5%) vs my consulting offer.
The reasons I'm leaning toward the PM role are :
1) After being in the job market I realize how difficult it is to re-market yourself as something other than a engineer.
2) I believe my technical background + my new management experience will put me in a better position for Product Management. Although, consulting might expose me to the world of sales and marketing which could be huge.
3) A normal 9-5 job is a lot easier with a PT MBA vs. consulting (as mentioned by everyone here)
4) The PM role is under the consumer groups unit so the products will be tangible and the clients will be external. Another twist, the technology teams i'll be managing will be scattered across the nation.
Alex, the consulting firm has approximately 500 employees nationwide.
I guess this decision highlights life in management. No idea if I'm right till months or years afterwards

I just hope I like the world of PM because up till now I've always had my passion of technology that made work feel like an adventure rather than work.
Thank you again everyone. Everyone's advice has been very insightful and I very much appreciate you all taking time to write about your perspective.