Pros
Lockheed Martin pushes a work-life balance. Most employees enjoy 9x80 workweeks, meaning that we have every other Friday off. All employees have at least 3 weeks of vacation from the day you begin your career, and there is an employer matching to the 401K plan (LM matches up to 1/2 of the employer contribution, with a maximum LM contribution of 4%). Additionally, in the event that your workload requires more than 40 hours of effort a week, there is straight-time overtime offered to salaried employees.
Cons
Salary is competitive with the defense industry. In other words, do not go here to become rich. Very few employees, if any, receive stock incentives, and bonuses amount to $1,000 annually if you are lucky. Since LM is a large corporation, there is a huge bureaucracy, and changing the current processes is next to impossible. Like the US Government, LM pushes gradual change over time.