Pros
There are a lot of older folks at this company, which gives you the impression they are apprecaited and also like it enough to stick around. The management of the company is above average in most departments and have a general interest in improving the company, even if change sometimes comes slowly. They have the most generous educational reimbursement program I've seen.
Cons
The biggest complaint in employee surveys was the lack of defined career development at the company. In certain departments, younger engineers might jump around from task to task without a more permanent attachment to a project or product line. The contract based nature of defense work means that sometimes there will be periods of high hours followed by periods where there is very little to do, which can be a con if you like to keep busy.