Pros
Lockheed Martin is an incredible company to work for. Vast number of opportunities for promotion and professional growth. Senior management is very supportive of those personnel with ambition to climb the corporate ladder. They are often quick and willing to coach and mentor those who demonstrate hard work and dedication. Human capital is valued heavily by the organization. LM invests heavily in the continuous professional development of it's personnel. So if you're willing to learn, LM is a great source of knowledge! They offer a vast selection of courses at no charge to employees; some are even offered to family members. Unlike other companies I've worked for, Lockheed Martin places great emphasis on maintaining healthy, solid relationships with its corporate partners. From my own experience working on programs where we are the subcontractor of a direct competitor, regardless of the perceived unfairness we were being dealt, we still remained focused on to mission success while maintaining nothing less than complete professionalism based on our very own ethical principles.
Cons
Like most large companies, there are a few managers who can be overzealous at times, feeling the need to "beat their chests" and flex their managerial power in an intimidating and unprofessional manner. This should neither be accepted nor tolerated by any means! Some program managers do a poor job in creating and maintaining an inclusive work environment. This is evident by a lack of communication within certain work groups and teams; often coupled with resentment between members within those groups. Benefits aren't as good as they used to be (today in 2012). But then again, given the current political and economic environment, I understand the need to cut costs to remain competitive. That doesn't mean I'm happy about my benefits being scaled back.