Pros
The day-to-day stability of the job is very good. Really the only thing that would ever impact employees here is the government slashing defense spending. The 401k is with Vanguard and has a strong match that rewards you more as your tenure grows. The insurance is good as well.
Cons
Everything moves so slowly here. Raises are pretty small, and if you're a top performer you might get 0.3% more than the worst person in your group, so there's no real motivation amongst the workers to exceed expectations. Each career level has a path of growth/promotions, but there aren't enough promotions to go around each year to ensure you stay on track. If you get a manager who is more concerned about looking good to his/her bosses than speaking up for his/her high-performing employees, your group will be lucky to get one promotion each year to spread between anywhere from like 6 to 15 people. Non-engineer salary employees are treated as second-class citizens pay-wise, regardless of role. Many managers basically play musical chairs here, constantly changing roles as they seek to fill out their QC/Ops/Engineering bingo card in order to get to the next level of management. This leads to a lot of managerial incompetence as well as inexperience.