B737-300 ON EWR 3 DEP FAILED TO SET ALT ALERT TO 2500 FT. HAD LEFT 3000 FT IN THE ALERTER FROM THE ARR SEQUENCE. BRIEFING WAS CONCENTRATING ON THE ENG OUT PROC VERSUS CHKING THE SID.

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ALT ALERT SET TO 3000 FT. DISCUSSED 3000 FT INITIAL LEVELOFF AND ENG FAILURE PROC PRIOR TO TKOF. PNF ANNOUNCED LEAVING 1000 FT CLBING TO 3000 FT ON FIRST CONTACT WITH DEP CTL. IT WASN'T UNTIL LEVELING AT 3000 FT AND CTLR ADVISED CLRED ONLY TO 2500 FT THAT WE NOTICED DEV; AND IMMEDIATELY DSNDED TO 2500 FT. EWR 5 DEP INDICATES 2500 FT FOR RWY 4L/R; IN SMALL PRINT AND PDC. 3000 FT SET IN ALT ALERT WAS LEFT FROM PREVIOUS APCH. THIS WAS A FAIRLY QUICK TURN AROUND AND NEITHER CREW MEMBER DID A DETAILED REVIEW OF THE SID. I CONCENTRATED ON THE COURSE TO BE FLOWN WHICH INCLUDED AN IMMEDIATE TURN AFTER DEP AND THEN A 90 DEG TURN AT 4 MI; AND A LOW LEVEL INITIAL ATTITUDE. THERE WERE NUMEROUS OPPORTUNITIES TO CATCH THIS DEV BEFORE IT HAPPENED; BOTH INSIDE THE COCKPIT AND OUT (ATC). SUGGESTIONS: 1) MORE VIGILANT REVIEW OF SID. 2) BOLD LETTERING OF ALTS ON SID JUST LIKE ON STARS. 3) ENHANCED HEARBACK. 4) ELIMINATE LOW ALT INITIAL LEVELOFF THAT IS COMBINED WITH NUMEROUS TURNS AND NONSTANDARD ENG FAILURE PROC.