Pros
Challenging work environment where you can learn, grow and go far. Diversity is valued and encouraged. Main client is US Federal Government and there is always something new. Benefits for the "Old Lockheed" were outstanding, and many retirees have glowed enthusiastically about how good a place it was for them. Ethics Minutes are always good to view, and kudos for bringing HR/legal problems into the open.
Cons
Large awkward Management Structure. Little to no communication between many programs makes it impossible to know where career opportunities exist. Benefits for the "New Lockheed" are ho-hum, generic, and always increase in cost to employee from year-to-year. Programs are jealous of their own people making it difficult to move from one contract to another. The "now you are part of the Lockheed Family" is a thing of the past.