Pros
Manufacturing has so many problems in getting it "perfect", it is awesome job security in being an engineer. If you make the effort to document (prove with data !) that you can not only fix a problem, but increase cash to the business, money is always available. You can create your own work, and have a lot of fun learning new things. You have a lot of flexability, if you stay out of management, to balance your work with personal time (family)
Cons
Sometimes you get a bad manager, but they are recycled so fast, give him a year or two, and you get a new one. The Salary system is a generic one used by a lot of fortune 100 companies, there are only 3 boxes to fit into, meets expectations, exceeds expectations, or doesn't meet. So unless you are one of the top 1%, you tend to stay in the middle. The company does recognize good work through promotions, but they are much more liberal and frequent if you go into management.