my cynical take, speaking broadly:
As an engineer your prospects for a salary increase or meaningful promotion within the same employer are less than in other disciplines, because in corp. orgs of today straight engineers just aren't promoted. You need to leave engineering or the company to get a big promotion (MBA comment earlier). Salary raises at the same company are possible in the 5-10% range (depending more on the external job market than other factors), changing jobs can get you 20%. Expect to change employers. Make sure there are several where you want to live. Unless you are chosen as someone to be groomed for greater things when you are hired, you just won't go places.
On job duty:
Traditional manufacturing in America is dieing. System integration "manufacturing" is what's taking it's place, but I give that 10-20 years, tops. System integration is much more managing - suppliers, assemblers, your managers, your customers, than down and dirty technical engineering (but you need to have that down cold though)
Engineering is a good education, and better than average job, but not necessarily a good career