Pros
Job Stability depending on what program/function you fulfill. Not the best benefits package around, costs have increased over the three years I've been there, but still competitive within the industry. Definitely better than the alternative... Since Raytheon is so large, there are various programs, and roles available, not to mention a wide array of national and international sites to pursue. So if you are tired of your program, location, it is very possible to move around without burning bridges with the company. If you are a top performer, and are vital to your program, you will be recognized and put on a succession plan.
Cons
Contrary to the above, if you don't have a good network, you will be just another cog in the raytheon machine. If you stay in one place too long, it becomes advantageous to your mgmt, and the program NOT to promote you. You will have to fight for every penny come review time, as the base merit raise is usually around 3%. While they SAY they pay competitively, this type of compensation structure doesn't even keep up with the cost of living, even if you get a higher than average performance review. If you aren't eligible or profit sharing, you will literally find yourself working more & more, for less and less.