Pros
In general Raytheon is a good company with good benefits. SW teams typically consist of very down to earth, intelligent, hard working individuals. Most of the leads and management are stern but understanding and easy to get a long with. The company has a strong work/life balance ethic and promotes healthy lifestyles and flexible work hours. There are also many different work opportunities available to employees so its not uncommon for employees to bounce around to different business groups and job titles if they choose.
Cons
As with most DODs in this time and age, the money is not stable. Often times, programs and projects will stop on short notice due to funding cuts. Layoffs and staffing reductions are a constant threat. Many employees find themselves being forced to bounce around to new tasks and projects on a month by month or even week by week basis because funding issues. Also be prepared for lots of process and documentation. SW engineers will spend as much time with process and documentation as they will coding (if not more time).