Pros
It's a job. Probably looks good on a resume. Now I know better than to work for them.
Cons
Cheapskates on pay, benefits, raises, etc. Built on the typical Good Old Boy network, where only knowing people outside of work gets you anywhere. Filled to the brim with incompetent workers...probably because they're cheaper. Working with 80% of the workforce who doesn't know what they're doing is very frustrating for those who do know what they're doing. All of the typical giant corporate contracting B.S. but multiplied to the max. Good luck getting anywhere/promotion without changing jobs and moving to a new state. Poor job availability. Worse than the government. If you worked for the government before and thought to yourself you had no idea how they managed to function, Lockheed is worse somehow.