Pros
I worked at Lockheed for many years. I enjoyed the actual work.
Cons
It seems that there has been a push at Lockheed to get rid of lower level managers that actually have some leadership skills. Those managers (at least in the area I worked) have been replaced by Lockheed flag wavers that just hide behind a giant matrix of policies and procedures in order to avoid actually having to make a decision. The annual review process is terrible. It pits team members against one another and is just designed to give managers plausible dependability for lack of raises. The amount of annual "training" is absurd. Harassment free workplace training. Really? Every year? It's just a pencil whip so that Lockheed can avoid getting sued. "Well...we trained him not to do that, so don't blame us!". So instead of doing work, I've got to go through a dumb powerpoint presentation about why it's bad to ogle the hot blonde in the office (let alone that that's probably the only reason why she was hired in the first place).