Pros
I did really like the overall experience, pay was great ($23.70/hour) + $3,300 for housing (paid the second week of work). You get to meet lots of very knowledgeable people, and you get to work on really fun projects which you wouldn't be able to work with in other companies (due to the nature of LM being a Defense Contractor). During this summer I even had the opportunity to participate in the LM Intern's Forum, which was held at Northfolk,VA and it was lots of fun. Three days at VA, got to see some really cool LM projects at LM's Lighthouse and got to meet really important people at LM.
Cons
If you are moving in from far away like I did, it can be a bit of a pain to find affordable housing primarily because even though LM will give you $3,300 (-taxes) to pay for housing it only does this AFTER you are already working for two weeks. I don't know about the rest of you, but most college students I know including myself dont have $1,000+ sitting on the bank waiting to be used. I had to find about $2,000 in order to be able to pay for my flight to Maryland, and the advanced 1 month rent I had to pay at the Extended Stay Hotel in which I stayed for the summer, all this plus food! That almost makes me not able to go participate in this great internship. I believe Lockheed's HR need to look into this and arrange for housing for the interns themselves, like many other internships do.