Pros
The people are great, and you can really tell most are open and embracing change. The people I work with have been here 30 years or more, and are open minded to new employees perspectives, and most are very willing to teach/help/transfer knowledge. Pay is great. Location is great in my opinion. The flexibility is worth A LOT to me. Most benefits are pretty good. My immediate management is great.
Cons
Health insurance is bad? They showed a graph that shows they promote based on their need for higher level engineers. Meaning if they have a lot of really good engineers, many will not received deserved promotions, because they only need average engineers at the time. Don't be surprised when experienced engineers leave when they hit a career wall simply because Lockheed just doesn't need someone that good.