Pros
Lockheed Martin has a few compelling reasons to work for it. First and foremost, it's very flexible on time. When I was first there, I worked a 5a to 1p shift, because I found that I liked being out in the Sun and that worked for me. Later on, I switched to a 9/80 plan (4/40 even for a while). The benefits themselves are quite reasonable. As for location, you have plenty of chance to move around--either up the chain of command, or across the country, to different style places. Locations in Owego, DC Metropolitan Area, Colorado Springs -- Plenty of places to configure your lifestyle to your needs
Cons
I'm sure it has been said plenty of times, however red tape is probably the single largest downside to the corporation. It is extraordinarily infuriating when the process of doing something takes more than twice the amount of time to do the thing itself. Lockheed's current internal motto is: "One company, One team". This would be wonderful if it were in the least bit true. It's not. The attempts are being made to do this through reorgs and purchasing rearrangements (ie dropping all DB2 licenses and Lenovo purchasing to remove the association of the Owego site with the days of old with IBM).