Pros
Interesting projects to work on with top of the line equipment
Cons
Jobs are posted as long term, but in reality they end with projects. It is expected that Engineers should know this and find a different job in the company. I was on a project that added 6 Engineers. After a few years, it ended and they magically put the newest Engineers on plans or riffed them without warning. Senior Engineers knew this and kept journals of the newest Engineers errors and reported the lists to their supervisors. Also, Seniors would pose to help younger Engineers with patents and then submit them as thier own. Part of ending a project was dumping Engineers and Management would make regular strategies to embarass those on the dump list to help them decide to leave the company. This was all in the midst of weekly meetings with your supervisor where you would be asked about everything you did "wrong" that week. These were termed the weekly-beatings. The Senior Engineers also worked up to 60hrs/wk and the expectation was that everyone do the same.