Pros
Solid company, diversified within the defense industry. As long as the military and intelligence agencies are funded, Raytheon will do well. Regardless of how they try, Raytheon IIS is STILL and engineering company. salaries for non-management technical jobs are very good. Raytheon IIS is making a concerted effort to recruit executive talent from outside IIS and even outside Raytheon. So, at least they recognize one of the issues.
Cons
management (non-executive) salaries tend to be a bit less than local market competitors. Raytheon IIS is still rooted in E-Systems culture. If you're not part of the good ol' boy E-Systems network, your opportunities to advance into senior management are less than those on the inside. Management is Garland, TX centric. Most organizational decisions are made with Garland, TX benefits in mind. If you work in another location, that attitude can be a challenge. Negative feedback from management is always available, but positive feedback generally only comes when requested or at semi annual reviews.