Pros
A great place to have a stable career working on interesting projects. Raytheon seems to do a good job of riding out the various "storms" that hit the general market and even the defense sector. For some of what it does, Raytheon is the best in the world so you can have the opportunity to work on technology that simply isn't available anywhere else.
Cons
The company has turned into a bureaucratic nightmare that doesn't invest in its employees. Training only consists of useless "required" training and you're expected to do it on your own time. Policies have replaced employee decision authority and common sense. Career success seems very binary at the company -- either you really "make it" or you're part of the regular pool that gets 2-3% every year. The company doesn't seem to have a strategy to retain its top talent. They don't seem to recognize that the market is hot and you have to pay people to keep them. HR tries to substitute BS incentives for actual compensation - people see through that and move on. Finally, there's the dreaded Raytheon laptop. Good luck getting any work done on the company asset that's provided for this purpose because of all the spyware they install on the machines to monitor their employees.