Pros
For the Orlando site specifically: 4/10 work schedule. Flexible work hours. Overtime is paid. Overtime can be converted into extra PTO hours (on top of the normal 22 PTO days you get each year (15 accrued, 5 granted, 2 floating holidays). Management always approves PTO requests if submitted at least 1 month in advance. The Software Engineering work is interesting. 6% base salary 401K contribution w/o you having to contribute anything. Up to 10% base salary 401K contribution if you contribute 8%. If you're good, you'll be able to dictate the terms of your stay at Lockheed (to an extent). 1 week of paid training per year (such as a conference you are interested in).
Cons
Government red tape. Only allowed to use software the customer (read: the airforce, navy, etc.) approves. ~6 months to ~1 year for a software request to be responded to. This means Software Engineers will not have a good time. There are A LOT of people who are bad and/or mentally checked out. They should be fired, but the companies comprising the Military Industrial Complex (MIC), such as Lockheed Martin, don't fire people. You can't modify your own machine. Need software installed? IT has to install it. Need to connect to the network? IT has to connect you. Which would be fine... except that the average turn around time of an IT ticket is greater than 1 month. Raises are paltry and based off your level, not your performance. The high performers and the zombie-like low performers all get the same raise. For Senior Software Engineers, the raise is 3.5%. If you do above and beyond, they might increase it by an additional 0.25%. Join a program that's in it's infancy, otherwise you will be maintaining software, or worse, legacy software; which means no career growth outside of Lockheed-specific domain knowledge. You get paid peanuts compared to the cost of living in Orlando.