Pros
There are lots of different opportunities, Signal Processing, GNC, Software, Hardware, Simulation, etc. Some people are nice and smart, some are not. I have seen people switch teams/departments, so you can learn new stuff. Thereare also chances you get to interact with other teams and learn some of their stuff. Raytheon offers tuition reimbursements, so you can take courses in university or take Raytheon offered accelerated classes onsite at your own time. 9/80 schedule, flexible time (for the most part). PTO is defense industry standard.
Cons
Raise is minimal. Salary is higher for new employees than someone that works there for years to climb up the ladder. Is this how you keep talents? If you work on company propriety stuff, you hardly get rewarded even if you do a good job. If you know how to kiss butt, you can get more opportunities even if you don't know much about technical stuff. Why? Assign the work to someone else in your team, so the team lead can share the same success with you by "good" management. Some people seem to talk their way up while some do all the hard work and still remains in a semi-high level.