Pros
Relaxed work environment, no suits and people are nice and interested in there work true 40 hour work week, no insane over time 9/80 work schedule gives you a three day weekend every other weekend very flexible with working hours and vacation, "flex time" allows you to build up additional time off Good salary, not the best for the Bay Area but considering the relaxed work environment they offer good compensation. Internal transfers offer access to a wide variety of industries and skill building opportunities.
Kontras
While the LM name recognition can help when looking for work this is not a great place for young people to start a career. The company is over managed and seems more interested in chasing the latest ISO / Jack Welch certification than looking at its own history or asking its own employees about what works. There is too much hierarchy and over specialization, that said it's a big company and you can transfer internally to gain a variety of experience. Heading up the management ladder internally though probably won't work, one of my best qualified friend who worked there at the same time as mean and was doing his best was basically told to stop working so hard b/c he was making people look bad.