Pros
You're working with some very experienced engineers and depending on the program you'll have an opportunity to gain quite a lot of valuable experience. Job security is also good, as are benefits.
Cons
It's hard to feel excited to come to work for a company in the business of warfare which is so engrained into the military-industrial complex. Moral always seems to be low. I have rarely spoken to someone here genuinely excited to come into work each day. The pay is decent, but raises are not competitive. I've found more camaraderie amongst my coworkers regarding the Company's bleak and soulless policies rather than the actual work being done here. In all, I am gaining some valuable experience, but believe I would be compensated more for this experience somewhere else.