Oh my god, I have the exact same questions! And I've had a lot of trouble trying to find the answers. I've looked at an older version (2009-ish, but it should be relatively unchanged) of their course list for Aerospace Engineering, and it seems pretty similar to the courses offered at any other university for Aerospace. That being said, I'm not too surprised because RMC's is accredited for engineering, so obviously they have to teach the same courses. It also seems RMC is more geared to aeronautics, but when you're doing a bachelors in Aerospace, there isn't that much "specialization" of astro/aero happening until your 4th year. So, officially, an engineering degree at RMC is the same as anywhere else. However, I don't know what it's "reputation" is compared to an engineering degree at, say, Carleton.
For the P.eng, what my google-fu tells me is that the board concerned with certification will consider military employment on a case-by-case basis. Apparently this is because some AERE jobs are not so "engineery" while others are more geared to what you learn in your bachelors.
This leads me to your question regarding the role of an AERE officer. For the military, it'll mostly be project management. So, if you were looking for a lot of design stuff, you probably won't get a lot of it. However, that's not a bad thing! Project management is a huge part of being an engineer, and what better place to learn that skill than with the military? So, what I believe is that most of the design stuff is left to private contractors: Boeing, Bombardier, Lockeed, etc. However, if the air force ends up undergoing a large acquisition of air frames or various aviation technology (i have no clue if this will happen), then maaaybe there will be more open to your role in project management in terms of reviewing designs and materials with budgetary constraint.
Take everything I say with a grain of salt! I've acquired this information through many sources on many random forums! Most of this information is not based on my own experiences! My goal is not to spread misinformation, I just wanted to share what I've found.