Pros
The engineering community is filled with very smart, engaging individuals. There is plenty of opportunity to learn and most are willing to share what they know. The benefits are going to be comparable to what is available with other companies in the area. Make sure to negotiate a fair salary because if you end up undervalued you won't recover unless you leave the company.
Kontras
Raytheon tries to adopt the best practices of industry and make them more Raytheon-like. This often results in additional work for the sake of work in order to make the claim that we've adopted some practice. Raytheon also does a better job rewarding people who leave the company then come back versus those who are loyal and geniunely interested in making sure Raytheon is the Top Tier Defense Contractor.