Pros
Small company attitude means that it's very easy to do a lot of work in different areas of the company, the engineering team has a ton of responsibility and can easily divide that responsibility among the co-ops.
Cons
Engineers are entrenched, they've gotten very good at their couple of things and some of them take offense when you try to do something that they have control of. For instance, I was tasked with checking our readiness to restart up production of a part, one of these tasks was determining where tools were located, etc. The task that I had the problem with the other engineer with was that I was initially asked to check whether we could measure characteristics on the part, and I determined that we needed a new fixture to directly measure characteristics, as we had only implicitly measured these characteristics before. No problem, except I went to the fixture engineer and he said we couldn't make a fixture to measure those characteristics. I had just created a filing system for a rack of fixtures, and knew we could, and when I said that, he wouldn't listen at all. And that kind of thing happened on the floor too.