Pros
Gained plenty of experience managing dollar values above and beyond what my peers were committed to in commercial organizations. The uniqueness of the products were amazing. Even as part of the business team, we were all treated as equals which is rare in an engineering organization. Most of the management are very proactive in challenging employees and keeping morale high.
Cons
It's a slow industry with very extended timelines. You don't really get to prove yourself unless you stay onboard in one program for a long, long time (think something like 10 years). Management decisions come slowly and somewhat indecisively. However, they want results the second they snap their fingers. And then they change their mind. Overall, the industry itself is slowing down and companies such as Lockheed Martin are increased bidding activity in an effort to maintain its backlog and revenue levels.