Pluspunten
In the right place you get exposed to issues that make it worthwhile being called an engineer. Colleges in the most sense are like minded and work well together. Compensation can be competitive if you are willing to push for it - Salary increases or promotions don't happen unless you are actively pursuing your direct manager or even above, however if you do and you proof to add value you will be awarded. Flexible work hours for the most part as long as you can work around the meetings.
Minpunten
With the acquisition of HGST and now SanDisk it is a dark place to call home. There are so many uncertainties about the future that it is hard to have a positive outlook. I have seen people get laid off that in my mind were the staple of a solid engineer, yet someone above them decided they were not needed. Meetings are as abundant as there is stars in the night sky. Management flip flops on direction which is frustrating and difficult to keep ahead of the demand. Some managers are just not the right fit for their area. Benefits are expensive and high deductible leaving your potentially with a +6k bill each year with a single major event (ER visit, hospitalization, etc).