Pros
Lockheed is a very solid company with strong business potential. While other companies might be under duress during the current economic downturn, LM continues to deliver year after year of excellent business performance. LM just annonuced their 2008 results today, and as usual, it was another year of record business returns. If you want a safe haven to ride out the recession, LM is an excellent choice. LM is also a good choice for employees who like a standardized work enviromnent and don't want to be challenged to develop solutions on their own.
Cons
LM is a huge corporation with stifling processes for just about every task you can imagine. Even the simplist requests, including accessing business web sites and downloading any software free or otherwise, require management approval LM also stresses all sorts of diversity, ethical, and leadership directives, while continuing to operate in standard "business policitics" as usual fashion. In Lockheed's own survey, 52% of LM's employees agree with the statement that "Promotions are based more on politics than actual performance." In other words, don't expect to be rewarded based on your strong performance as an employee. The "Performance Ranking System" is commonly referred to as the "Political Ranking System" by us employees.