Pluspunten
If you have a particular knack for workplace politics, you can probably make quite a lot of money here. They get away with poor management because most of the engineers here are genuinely solid and good to work with so good work gets done pretty much irrespective of what managers seem to say or do or what meetings they hold. If you get past the early years and they trust you a bit more you might be given a bit more freedom / respect, but early on an unnecessarily large amount of your workload will just be convincing management that you are making good use of your time.
Minpunten
Unless you're a favourite, management will likely assume that what your doing is a waste of valuable company time and keep telling you to do more important work, but be unable to elaborate when asked what they're looking for. Further, they don't seem to understand the necessity of prioritization. I was routinely given extra work items despite already being stretched, and if you present a proposed priority for work items, you will essentially be told "I want it all now" and then they'll be upset later when you weren't able to do everything at once. If they do notice the good work you've done it's because you've told them about it time and time again, and even then your feedback will be lukewarm. It's simply poor management and leads to feeling like your work isn't at all valued.