It is an engineering licence and with one you are almost guaranteed a job............ more than you can say for the FATPL !!!.
Its a usefull thing to have when Debonair went bust my engineering licence ment that I did not have a day out of work untill I got a another flying job.
The other thing is at one time an engineers licence exempted you from the ATPL technical exams but that has been stoped by the JAA eurocrats.