Pros
There is an undeniable thrill at the thought of working for Lockheed Martin, one of the big folks in the space industry. The people are generally really good people. The company--depending upon WHICH division you work for--can treat their people poorly. They are very flexible for work hours which is wonderful and they don't generally micromanage, another major plus. But overall, within a small number of years working here, the life will be sucked out of you, as will your love and admiration of NASA.
Cons
Their salary rating is a joke. They have a comp ratio system. Let's say your pay range for your job title is 50,000 - 70,000. If you are making near the 50k, you 'compensation ratio' is low, so you'll get a raise every year, usually. If you are at 60k then you're at the middle of your pay range and your comp ratio is 1, therefore, unless you're absolutely effing spectacular, your raise is zero. So how is this the middle of the 'payrange' when you pretty much can't get past the halfway point. And that includes no cost of living increase so you actually end up making less...