Pros
Excellent benefits including medical and vacation and sick days, and tuition reimbursement, as well as a good discount on company stock. Overall laid-back management, they trust you to do the job and don't ask too many questions. However, they expect you to be productive. There are annual reviews, so you always know where you stand. Being in the defense business, the company has a 9-80 schedule in which everyone has every other Friday off. If you like travel, this could be the company for you as there can be lots of it. The company has a worldwide presence and it is a feather in your hat to work at such a company. From everything I hear, it is a better (less corporate) work environment than nearby competitor Boeing.
Cons
The defense business is cyclical, hence there tend to be a lot of layoffs, followed by hiring sprees. Not much in the form of advancement or promotions, unless you have been in the business for 20 years or more. Promotions are not really formal, and usually come as a result of someone retiring. There also are raise freezes as a result. By the time you figure out how the business works, they have gotten a lot out of you. There is a lot of travel involved, depending on your position. If you like travel, this could be a pro for you. However, decisions to travel are often made the last minute, hence it is hard to have a stable personal life at home. The business is a small world, hence there can be a small business mentality to things. Most projects involve upgrading legacy projects and are headed by people in the business for 30 years or more. This impairs creativity. The management tends to not be clear about things when they change. For those who like to compare companies in an industry, it is a step down from Lockheed Martin as far as work environment and being treated like a professional and advancing your career.