CAE or Nortel ?

Fresh out of engineering school at Waterloo with above-average grades. Now, I have 2 employment opportunities: one at CAE (aerospace, flight
simulators) and one at Nortel (telecommunications). I understand that this is a complex decision based on many factors... BUT considering most things equal (which they aren't but I want to focus on the next point) which of these companies would be a better choise as far as my long-term development as an engineer is concerned? I know the recent history of both these companies is ... well ... you know. Note that one of the companies is offering $10,000 more than the other, but I find the lower-salary company's product (PRODUCT not my actual work responsibilities) more interesting. On the other hand, the higher-paying job seems to have more system-design resposibilities right off the bat (but I feel I may be less passionate about the PRODUCT). Also, can an electrical engineer have as good a career in the aerospace industry compared to an aerospace engineer? Or should I just stick to a more obvious/traditionally-regarded "electrical-engineering company" such as Nortel so that when the time comes to take my experience elsewhere the odds are more on-my-side as far as transferrable work experience? What about you? If you could go back would you choose telecommunications over aerospace or vice-versa?
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