Pros
Lockheed Martin is good if you are looking for a stable career with regular raises, consistent expectations, and average work.
Cons
Engineers are forced to do finance work. Control accounts are managed by those doing the work, which means talented engineers are rewarded with spending 25% of their time managing other people's charging down to 6 minute increments and fixing a schedule that uses a perpetually broken microsoft project file to define when things should be worked. Things move slowly at LM and it is very difficult to change processes. The solution to failures are more process and complexity, and the workload is high for analytical tasks, but there aren't sufficient tools or time to root cause most problems. Most problems faced by engineers are legacy design choices over 20 years old and you will experience increasing complexity in most programs. Ideation to implementation tends to be 4-5 years, which can be very frustrating. It is hard to get new ideas implemented or to get funding to test new ideas. Work is very inflexible. Very little effort is done to pull unclassified sim work out of the classified environment, so everyone (other than management) needlessly ends up going in every day.