Pros
The work/life balance at Raytheon is great. I take every other Friday off and have no problem modifying my time if I have to go to the doctor or anything else that pops up. I also work from home from time to time. That said, not every employee is "allowed" to use the same flexible time benefits. Raytheon is also a great place for entry-level employees looking to get a very robust start to their career. I finished the rotation program where I moved to three different cities/parts of the company and had exposure to three different assignments and areas.
Cons
Raytheon is a VERY large company - 80,000 employees. It's hard to feel like your day to day job is making a difference in such a huge workforce. Change is difficult and things tend to move very slowly. Also, due to the nature of the defense industry this is as bureaucratic as any company can get. There is a large portion of the workforce that comes from a military background so you see that in the culture. Raytheon is also a heavily white middle aged male dominated culture - not a lot of diversity in the company. There is also not a lot of room or encouragement for creativity.