I loved my job at Lockheed. I was part of many exciting challenges over the years. The last months were very stressful as we knew a lot of people would be laid off over a period of time. I was one of those people, so I really can't give any pros for their current job situation today.
Cons
Dedicating a life-time (over 40 years) to a company and being let go because I did not have a direct charge number to use for two weeks was a real bummer. There were contracts in the works that had jobs that needed my skills, but they were not awarded In time for me and I was laid off.
Good compensation package in many programs. Though vacation days have been cut down to 10 days per year for many employees salaries were competitive in my experience.
Cons
Lack of job stability. This is partly the nature of the defense industry, however the company dismisses employees very quickly when a program is cut.