Pros
Flexibility such as leaving early for appointments, working from home time to time when needing house maintenance, etc. This is a pro and con: on my teams, micromanagement has been minimal as the teams I have been are so spread out that everyone is a 2 - 10 min walk away and leads tend to be in meetings 80% of the day. (The Orlando office is gigantic. About 1/3 mile from one side of the facility to the other.)
Cons
High management to employee ratio on smaller teams. Leads tend to be hard to get a hold of and sometimes you have as many leads as employees. They system of management sets work up so that teams are intentionally kept apart and that management is the only proper means of communication. My belief is that this setup is designed for their larger projects which are over 60% of their contracts but they try to apply the same design across the board. However, it just causes chaos on small teams and breaks down communication when partner teams (electrical, systems, software, I&T) can't work together directly. Maybe this works better on larger projects like their F-16 contract which I believe is 50% of their revenue (public data). Skill doesn't necessarily bring about leadership. Many times people are asked to apply online if they want to move up to a higher position instead of just being given promotions based. When problems occur, whether corrective action is taken is dependent on who's in your chain of command and who the complaint is about. Many times double standards are held if the issue occurs with a lead even if documentation can be provided. Common consensus seems to be LM is just a big company, its just what happens and you accept it. (Many LM employees have also only ever worked at LM)