I'm an EngD student and things are going ok. The main advantage of an EngD is that it is easier to go into industry after finishing, but you can still go into academia if you wish. The main disadvantage is that you don't have the same freedom a PhD student would have. I find that my industrial supervisor and manager watch over me quite closely, so I always need to perform well. The research/module balance works very well, since the modules gives you a nice rest from research and they can be very sociable.

Having spoken to many other EngDs I know that the 'EngD experience' can be very different for different people and depends on the attitudes and culture of the company that you are based at. I have heard of some EngDs who only get 1 day a week to work on their research, but most get 4 or 5 days a week. (all should be completed within 4 years)

Feel free to post me any questions you have.