Pros
-There is a lot of freedom to purchase components, make parts, and experiment as long as you get the work done. -A formal management structure does not exist. You don't have a boss in the formal sense...just an older engineer who is a project manager for the current machine you happen to be working on. -Reasonable flexibility of work hours. -The average age of fellow engineers is very young, many hired just out of college.
Cons
-Easy to get pigeonholed into grunt work. Plenty of this type of work exists. -There is not a very good sense of team. This may vary within different project groups. -With very few exceptions, just about every fellow engineer is a white, upper-middle class male. This is a bit strange and likely due to the hiring process.