Pros
Its a strong engineering company. The starting salaries are very competitive. Having a 9/80 work schedule is a great benefit as well. The company shuts down around Christmas for a week so it provides a great break (almost all national holidays other than Thanksgiving, 4th of July, Labor Day & Memorial Day are moved to this week but having every other Friday off more than makes up for it) Flexible work schedules are offered, so you can modify time as needed (work extra hours so you can take extra hours off later). Also, paid overtime (if you work more than 4 extra hours in the week) is a plus as well.
Kontras
Even though your job is secure within Raytheon, its not within your project, so if you project runs out of funding you won't lose your job but you'll get placed in a position you won't necessarily like. Engineers do not get non-engineering degrees paid for(ie MBA.) People seem to use Raytheon as a stepping stone and the attrition rate amongst 2-5 year employees is very high. There is a major gap between age groups because of this. Also, because people are hired simply to fill roles on projects, there are often very over qualified people working low level jobs (although they have fair compensation) so they tend to get bored quickly. Also, yearly raises are rare to be higher than inflation.