Prós
Great benefits, flexible time off, lots of vacation time. It's a flex-time envirionment, so employees can work their own hours to some extent. In my experience, management style is mostly "hands off." The benefit to this is that I get to spend some of my time on what I am most interested in. Because Lockheed does 98% of its business with government, engineers get to work on some large scope projects, some with far reaching implications which makes the work more interesting. Lockheed is a massive corporation that has room to for growth into different business areas. In my experience, management is reasonable flexible in finding the right fit for you within the corporation as long as you express your desires clearly and effectively.
Contras
Management: Lockheed's hierarchy is a huge mess of managers, program managers, and other kinds of managers. There isn't much visibility up the management chain unless you are involved in a red project. In my experience, there seems to be a constant in and out flux of management types into and out of programs. Growth/Recognition: My biggest complaint about Lockheed is that it seems very hard to get recognition or growth opportunities for new employees. There is a big hierarchy already in place and a lot of old guys that are used to doing things a certain way. This barrier can be overcome, but it is not easy for a new college hire. I have put in a big effort to move up in my performance rating and felt that my efforts mostly go unnoticed. I also feel like I can't be as creative as I would like to be because of the line of work that Lockheed does (Integration and Test, Contracting, etc).