Pros
Working as a software engineer at AAI Corporation has been an overall positive experience. There are plenty of interesting projects using technologies on various platforms, and the amount of work is fairly consistent being a defense contractor. Lots of smart people willing to work as a team. Opportunities to travel and work in the field, if that's your thing. Benefits and compensation are okay. Engineering is consistently understaffed, which is both good and bad. Good because there are many opportunities for people to take charge if they are willing to put the time and effort in. Bad because you might find yourself juggling too much at one time.
Cons
They seem to only hire interns, entry level positions, and overqualified contractors, so it can be difficult to find openings for mid-level engineers. Layoffs happen as they do in every large company, but they've been handled very poorly. As a software engineer, don't expect to have your hand held, which is of course surprising given that the majority of new hires have zero experience. There is very little mentoring because time does not allow for it (understaffed + tight schedules). Schedules are often poorly estimated, resulting in hasty and sometimes sloppy execution. Many times the onus falls on software as it is usually one of the final major pieces. Most programs tend to deal with lots of subcontractors, no matter how hard you try to prove or argue that it should be done in-house. Expect the exchange of information and ideas to proceed at a snail's pace, though this is probably no different than any other defense contractor.