Pros
Some of the best known names in the industry (Cessna and Beechcraft), and a good place to start a career. They give a lot of freedom to new grads and you will have the opportunity to "wear a lot of hats", as this is a much smaller company than giants like Boeing, Lockheed, etc. This could be both good or bad, but those capable of managing this will leave with much more experience in a much shorter amount of time that what is possible elsewhere. Individual designers have a great deal of reach and decision making capabilities. It is common for engineers to point areas of aircraft and claim it as their own, which is a great point of pride as a designer and carries a lot of weight when discussing future opportunities both within and outside of the company. When it comes to design, your voice will carry a lot of weight, and this is something that will not be found at larger companies. Overtime compensation exists even for salaried employees (up to a certain pay grade). The compensation is by hour based on the equivalent hourly rate of your salary. During busy stages of a program, it isn't uncommon for "drawing pushes" to require more than 40 hours a week, and it is nice to receive this compensation directly rather than having to hope for a bonus at the end of the year/quarter. Working schedule is very flexible. Most people set their own hours (within reason) and most managers allow for flex time, where you work 40 hours in a week, but not necessarily five eight hour days.
Cons
Small warning to interns considering full time positions: your experience an intern is not reflective of a full time position. As a new grad that did not intern here prior, it was frustrating to see how well the interns are treated, while the new grads are simply dropped at a desk. New grads do not receive paid flight training, social dinners, field trips, networking events, or any of the benefits that interns enjoy. This shouldn't be a deal breaker on it's own, but it is important to be aware of this when considering any offers. Much of what is listed above in the pros section is a double edged sword. The design freedom puts a great deal of burden on an individual, and leads to a great deal of finger pointing when something goes wrong. The overtime compensation means that working beyond 40 hours is expected and not optional during high workload periods. And the freedom to new grads comes at the cost of any formal training or mentoring programs. Everything is learned on the job, often while actively working toward some impending deadline. Upper management seems out of touch with the business and those below them. Proposed schedules are comically unrealistic, and are often disregarded entirely because of their impossible nature. Mid and low level managers that buy into this form of leadership as yes men are promoted, while those that resist it are pushed out. The appearance of progress is often more important than actual progress, which leads to a lot of questionable decisions and a great deal of wasted time and resources. Additionally, profits come above all else. In a little over two years, there have been three rounds of voluntary retirements followed shortly by layoffs. This isn't because the company is struggling, but simply because we didn't "meet our numbers". The culture this breeds is toxic to say the least, and people regularly fear that they will not make it through the next round when it comes.