Pros
Gets some really cool programs and has some great R&D work. Has managed to retain some incredible talent, w.r.t. electronically scanned arrays and missile radar algorithms. The matrix organizational system, while clunky, makes it easy to move within the company, as long as you demonstrate you're willing to work hard and have some talent. Consistently provides raises and bonusses every year.
Cons
Bad at managing large programs. Does not do a good job managing customers and pushing for good requirements. Does not have enough lawyers to help with the above during contract negotiations (and renegotiations). On large programs, tends to put way more pressure on employees, resulting in worse performance. Really bad at employee retention. Will refuse to match a 10% salary increase for subject matter experts and team leads with proven success.