Yes! There are normal distributions for engineers' and for physicists' pay. The mean of the engineers' is probably higher than the mean of the physicists' but for sure some of the physicists are paid as much and even more than some of the engineers.

The pros and cons are about whether you like making things happen or are more fascinated just to understand them. Commercial interests and politics prefer the former but the latter is probably better for the world.

Well, at least in the program im in, the engineering program is "if you fail two classes your out"

A physicist needs at least a masters to be hired for most(some places even need a doctorate) while an engineer can get a job after a bachelors. Depends, it does come down to what you want to do, if you really enjoy physics, then do that. If you can handle math, physics, and the applications of both and are ok with no social life in college, then engineering it is.

Yes. And actually many Physicists do work as engineers and vice versa, especially in Research and Development jobs.

Yes he can if he has an equal paying job.