It's a good question, and to be fair there is a broad range of things that go on under that label.

I would draw the distinction between freelancing and consulting this way: you are freelancing if you directly or indirectly (e.g. through a body shop consulting agency) are providing variable bandwidth for a client. So they could probably do the work themselves but need more horsepower. By comparison consulting would be where they bring you in to provide insight, experience, or skills they do not possess.

The lines are somewhat blurry.