Pros
Lockheed has some of the best benefits of any company around. They offer an array of health care plans, a fantastic 401k program, tuition reimbursement, tons of discounts at local retailers, etc. Also, for the most part, scheduling is extremely flexible. You have to work a specified number of hours, but you can essentially work them whenever you want. Pay was good, slightly above average.
Cons
I had two major problems with Lockheed - the first is the pace of the work. Everything is EXTREMELY slow. This is an unfortunate problem due to th nature of the work. There are a lot of hoops to jump through when working on projects for the DoD. This leads to a lot of downtime. The other problem is the advancement system. It is very union-like. While you can get a little better annual raise base on your performnce, you aren't going to be promoted until you've been waiting around long enough.