Pros
As an intern, there are many learning opportunities, including experience using cutting-edge technologies, and wonderful mentors. I experienced a friendly, and incredibly helpful environment, where all full-time engineers were willing to lend their knowledge and experience to encourage the development of the interns; even though each student was assigned one full-time mentor, as with most co-operative work experiences. Many projects involved either working with engineers and managers originally from outside the U.S., or with foreign engineers who remained working in their home country. The multicultural exposure was priceless to my professional and personal development. Also, the opportunity to tour different plants and to learn about how the corporation works as a whole was another bonus not always experienced by my classmates placed in other companies.
Cons
Job security is a common worry, no matter what department you're working in. That was a concern, however, even before the latest auto industry downturn. Also, for many employees, the work in one department becomes too routine to remain interesting after two to three years. Once someone has completed a number of projects, subsequent work tends to be repetitious, with little variation. For employees who enjoy being challenged, the environment can become somewhat boring. This tends to result in low employee retention, or department hopping. While there are numerous opportunities to change departments, that usually means relocation, because Federal-Mogul has a sporadic placement of offices throughout the world.