Pros
There are a good variety of opportunities, competitive compensation benchmarked with industry, great reputation which is increasing as MT becomes more competitive in the marketplace due to acquisitions and establishes itself as a top-tier player. There are different divisions and each one is going to be a little different in terms of culture and specific details, but the ability to advance is there. MT is ranked by Ethisphere which is always a good feeling that you're working for an ethical and honest company, which is primarily in defense contracting, so additionally you're contributing to a larger purpose for the nation.
Cons
Well, you're not in the Government, but you're working directly for the Government-- the same positives and negatives apply as a contractor: you can only go as far as the customer will let you (best practices?...), you're inside of the customer but, still on the outside. They are a mid-size company so all of the corporate policies, etc. are not 100% nailed down yet-- some people don't mind this and thrive in these environments, others tear their hair out; know which one you are-- if you want a more bureaucratic and stable environment, go look at Northrop Grumman or Lockheed Martin.