Pros
Lots of opportunities across all the Lockheed locations in the US and abroad. First and second level management is excellent where I work (I expect it's similar in other jobs). The overall atmosphere is very welcoming. Coworkers have been very helpful and are always willing to share information. Moving into a new position within the company is very easy and management is always willing to help you advance your career.
Cons
Weird health insurance plan, sort of lame corporate slogans and programs for motivating employees. Upper level management sometimes doesn't seem as knowledgeable about what they're managing as they should be. CIO was a business major and doesn't really have any technical knowledge about IT which is often quite frustrating.