Pros
410k is good, many managers allow flex schedules. Looks good on a resume to have worked under the Lockheed name.
Cons
Promotion schedule is based on seat time, not merit. Its very demoralizing to watch people who do nothing and sleep at work get promoted just because they've been there longer. Younger engineers carry a large workload and are rarely rewarded while many staff engineers slack off, watch TV, or sleep at work. Managers move employees around to different teams without asking employees first (so you end up doing a different job than you were hired for). Raises don't keep up with high inflation and economic situation. Tuition assistance for higher education is less than what other aerospace companies offer. Stale and old boys' club culture. Management makes ego-based decisions. If you're a young, intelligent, and a dynamic person with personality, you'll be lonely--and won't be allowed to rise to your full potential here because you have to "wait your turn" before anyone will listen. Pays significantly less than newer aerospace companies. Young and mid-level ambitious engineers are unhappy and leaving in droves... and getting promoted and paid as they deserve at other companies. Lots of the older men here have sexist opinions, especially of women in STEM roles. It's a difficult environment to work in if you're diverse at all. Management "contracts" out employees in their functions to different programs, so they rarely interact with their own employees, often have no idea what their employees are working on, and this hurts employees during review season (the employees who are put in roles that work near management get higher raises--favoritism plays a big part). The more useful you are, the more you're moved around to different programs, and the less your managers know you, which means you ironically get the lowest raises.