Pros
Flexible. Great project exposure. Decent benefits. Engineers (non-salaried) get paid straight-time for anything over 40 hours a week. Company serves beer on Friday afternoons.
Cons
Very low relative pay (bottom 10 percentile of engineering field). Constantly pressured to take on more work and to work overtime. The culture is that of high pressure and high stress being normal. The managerial focus is on profit (constantly reminded of projected profits and how well you are matching your personal billability goals) and not employee job satisfaction. Production Engineers are given a 90% Billability Goal, but Personal Leave and Sick Leave count against your Billability, so if you take your given Leave, you automatically fail to meet the 90% goal and no amount of overtime can make up for the loss.