Pros
Raytheon is an ok defense company to work at our of college. It will not overtly challenge new hires. It is very hard to be fired once you are hired. There are some very bright people at Raytheon and if you can work with them on a non-production program then it can be quite interesting and rewarding.
Kontras
There are too many levels of management. Each level is intent on protecting their corner of the company. Engineers are not supported in continuing education or innovative research by management. I believe Raytheon purposely low-balls salaries for new hires (and seeks those who do not know their worth). In addition the merit and salary review process is engineered to minimize any chance of a substantial raise or promotion. Like most defense companies with a matrix organization the inefficiencies are tremendous -- it is impossible for a program manager to reward an engineer since they have no control on salary or pay grade. Finally, 6 sigma is a joke.