Pros
9/80 Schedule, paid overtime, flexible hours, telecommuting. Good 401k match. Good life/work balance. At times, interesting work. Name recognition! You never have to explain what Raytheon does! Pension for people hired before 2007.
Kontras
Depending on your manager and your own ability to find interesting work, most assignments are not given out with your preference in mind. So if you are someone who is driving by interesting work, you have to seek it out! That isn’t always easy and sometimes impossible. New hires do get promoted after 3-5 years, but once you reach Senior Engineer level, promotions become virtually impossible to get! Many senior engineers work 10-20 years without being promoted. One sure to way to get promoted is to jump to a different department. But if you are happy with what you do and do not want to move departments, you are stuck! This causes MANY unhappy people, who are only sticking around because of pension. Younger employees (who do not have pension), get prestigious name on their resume and leave for quick promotion and raise.