Pros
Being a large company, there are many opportunities to change positions and/or locations. The benefits are pretty good, comparable to other defense contractors (401k contribution is more than Northrop).
Cons
Still a "good old boys" club. Raises and promotions come down to who your boss is and how much they are willing to go to bat for you. Raytheon uses a rating and ranking system to dole out raises and promotions each year. This system limits the number of people that can be rated highly (guessing 5%). Therefore, an employee can work their butt off, but not be rewarded, as the quota is already exceeded. Things can be going great, then a contract is rebid for a lower price, and the employees who helped Raytheon win the contract suddenly find out they are expected to take big pay cuts (or find another job) when the new contract starts. The betrayal results in a crashing blow to moral.