Pros
9\80 work schedule (every other Friday off) is great. Pay is slightly above market. Relatively relaxed work atmosphere. Great engineering problems when you can get to those projects, sometimes boring work if you can't.
Cons
As of 2018: Benefits are horrible. Regardless of the amount you are offered you should probably look elsewhere due to health benefits. They gone to a high deductible plan, and the company that is managing it has no clue how to correctly facilitate health benefits so that if 100 employees ask the same question of their provider they are given the same "Correct" answer. The answer given seems to change depending on how much the provider is trying to save on costs. This was a big mistake on Lockheed's part, wait until they fix their benefits package before stepping onboard. Lockheed is stuck in the 80's, and it is painful. Entrenched older engineers refuse to come into the 21st century. The company is aware of the issue and is trying to fix it, but the old guys either won't retire or let the next generation of experts step up to the plate.