Pros
I've worked for another defense contractor for around 7 years and I can confirm that Raytheon Missile Systems has superior management and culture, if not the best the industry; atleast in the navigation/state estimation group. In particular, management is competent, long-term forward thinking and encouraging. The most incredible thing about Raytheon is that learning is heavily encouraged and __funded__. The are a lot of opportunities for growth in many different areas. Apart from having your own high-tech business or tenured research in academia, Raytheon is THE place to be to improve yourself and change the world.
Cons
Some political decisions and red-tape still happen but they are to a much lesser degree than the other defense contractor I worked for.