Pros
Benefits & job security are great. The flexibility to work from home is also a plus. There are multiple locations across the country and you do have the ability to relocate if necessary. I believe Raytheon does put people first in these types of situations; they'd rather keep you and let you transfer than lose you altogether. If you are an engineer, then working for Raytheon has to be a dream come true. Engineers are treated well and given the most resources by far, which makes sense as engineers create the end product. All in all, it's a good place to work.
Cons
Advancement seems to be strictly a function of time served. It can be frustrating being a young person at any company like this where you aren't necessarily awarded for your achievement. You might get frustrated with a manager or supervisor that you believe you can do better than. You might be stuck in that situation for months and maybe even years as you will have to wait for either of you to be promoted or retire. There are many people at Raytheon who just show up for their job and go home. Generally, they are outside the engineering function, as engineers are treated the best. At times this can be frustrating as the job security (which is a plus) creates a lack of urgency.