Pros
It's easy to hide in the crowd. There's many examples of employees who can get away with doing minimal work. Good health benefits and vacation and sick time. It can be a low stress job if you get your work done, but attacks from management or other employees can come about if you're not on the right side. Not sure how other defense programs, but it seems like the Huntington Beach side is in the decline.
Cons
Worked on the C-17 Program for a little under three years. They have high turnover in the new young hires. When I was working there, level 4 and 5 supply chain specialist were offered early retirements or laid off with a red notice. To keep an average level of 3, many level ones were hired, but few stayed for a number of reasons. The culture is not one that is helpful to someone right out of college. The pace of work can be slow at times. There isn't a lot of mentorship and you have to be friends with management in order to get promoted. Most of all, there is a sense of drudgery and negative outlook for growth. The sustainment program that will be around but isn't looking to expand. More opportunities can be found on the commercial side. It's not easy to get there though, as many are competing for few positions.