Pros
Your coworkers are some of the best around. If you're on a good team people watch out for one another and everyone carries their own weight. Pay is good. Every day is different and you get to work on some awesome things. I genuinely enjoyed work most days. You feel like you're making a difference and doing something important. For the most part in my department, people actually cared about safety.
Cons
This used to be a company where you worked hard and got rewarded by getting to go home with a pension and railroad retirement. Company is cutting corners everywhere now. First it was getting rid of pensions and now they don't backfill when people leave and double up work without a pay increase. Morale dropped off a cliff in recent years. Also, you have to move states for every promotion. Work/life balance is generally poor as with every railroad position in operations but Project Engineer is probably the best of them. Comp. & Benefits are now more in line with your average company.