Pros
The location is great. Near the beach, near LAX, near freeway and public transport. As with any large aerospace company, you get decent health benefits, competitive pay, and employee networking groups. Work schedule is quite flexible with the option to work a 9/80.
Cons
In my department, it seems management are too busy to deal with new hires' problems. Unlike other aerospace companies, they don't give you anything to do (constructive or not) while waiting on security clearances. Which can take weeks to months. Other companies will usually find tasks that don't require clearance. Not as social an enviornment as I was expecting. Medium to low morale all around. As with any aerospace company, you are expected to work maybe 50-60 hrs/wk. Pay lower than I expected for aerospace industry.