Pros
Great entry level position for engineering majors fresh out of school. You learn a lot about MATLAB/Simulink in this role. Also gain experience with debugging issues and working with customers. Most of your co-workers in Engineering Development Group are also fresh out of college, so there is a strong sense of camaraderie and teamwork, as well as opportunities for socialization and forming friendships. Also, the salary and benefits are quite good (for an entry-level position).
Cons
Some (not all) of the Managers tend to get on your case about trivial matters. Also, the management style in the Engineering Development Group (EDG) is very autocratic. Thankfully, this is not true about the company as a whole, just the EDG Department specifically. While the salary/benefits are good by entry-level standards, they are not so great for people with years of work experience.