Pros
Raytheon gives a very good work-life balance. The flex time is a bonus that is essential for people with children. The benefits are very good -- medical, dental, visual, other insurance benefits are comprehensive. On most projects, work is not too demanding, and could easily do 40 hours a week. This is significantly less than the more competitive commercial field. Education assistances towards obtaining higher degrees is readily available Raytheon stresses on work ethics, most people treat each other with respect.
Cons
Compensation is competitive when you first enter, however, raises drop off to single digits. After about 3-5 years in the compny, it is not worth staying since your peers in the engineering field in outside industry is already making more. Work is not challenging, there is not much to learn. There is stress on processes, tend to do more process and paper work than actual design and engineering. May not be a good place to learn and grow as someone straight out of college.