Pros
Raytheon is a fairly good place to start your career. I was hired by recommendation from Software Engineering Fellow right out of college. I got great software engineering mentorship from this relationship. In general I think Raytheon is full of a mix of some bright and some average software engineers. Your mileage will vary like any company. The key is getting onto the right team.
Cons
The culture is driven by project management. Our particular group was a integration COTS driven team. There is no innovation at the company in my eyes. Sometimes schedules were bid aggressively and good engineers pulled the company through by putting in 50-60 hours a week for months. I certainly felt this pressure on several occasions. Hard to balance work life when this happens. Also, project managers who don't understand software, arn't very technical, and play the office politics were fairly annoying.