Pros
The turnover rate is very high at this location, so there is a constant influx of young engineers. The culture (within the engineering group) was great. Experience with exotic materials, some limited design opportunities (tooling, manufacturing "widgets", etc.) 3 weeks vacation and a week long plant shutdown.
Cons
Compensation. This location in particular is hemorrhaging engineers because of the lack of competitive compensation. Most of my peers started in other industries for 20%-50% more than Lockheed pays. Difficult to get promotions, raises are 2%-3%. No bonus for engineers, but hourly employees receive a quarterly bonus. Excessive red tape. It is very difficult to get anything accomplished at Lockheed Martin. At this particular location, there is no accountability for touch labor. Quality defects are blamed on the process (and thus the engineer), even when video evidence proves otherwise. Management's fear of unionization protects the touch labor from accountability for quality or conduct. After several years of working for Lockheed Martin, I left and accepted an engineering position in the oil and gas industry for 50% more money.