Pros
If you can weed through some of the burn outs, it can be an interesting and dynamic place to work. There are a wide variety of opportunities to work in different areas of Raytheon. Moving between departments is easy to do so that you can find the best location to meet your interests and abilities. The quality of most of the people is quite high which makes work more interesting. Raytheon is very good about supporting external eduction and will work with you to put together a program. The company has flextime & flex weeks and you can get every other Friday off as standard. Your total vacation is available to you on the first day of the year and it is up to you to manage it. I really like this approach as opposed to seeing the time dribble out. There is also a plant shutdown at the end of the year so that vacation time is plentiful and you are not stopped from using it.
Cons
Raises are poor and are really based upon what Raytheon can get away with rather than being tied to corporate success. They won't spend any money on building improvements, so some buildings are run down. The cubes can be quit ugly, yet, weirdly enough, they are on a clean up your cubicle kick. There is a strong interest in being a systems integrator which means that if you like to design stuff as opposed to write specifications, the work might not be interesting. But, Raytheon Missiles has been pretty unsuccessful with this so far, thank god. There is a vast and sprawling bureaucracy which can make life difficult -- i.e. tons of work to spend a few dollars.