Prós
Lockheed Martin is a very organized and well managed company. They really have their act together. The are the top defense contractor and their level of competency is a big reason for it. The benefits are good and they are active in showing community support. Overall a good place to work, a lot of talented engineers that know how to get the job done.
Contras
Too often the company line is the status quo. Part of the downside of being the top defense contractor is that they tend to stiff their employees on their salaries. Sharing the wealth would promote loyalty among employees and reduce attrition. Lockheed has one of the highest attrition rates and it is not hard to see why. The yearly performance appraisal system can also be long and cumbersome and often result in a 2-5% raise at best. Perhaps sitting down with employees would be a better approach.