Pros
Raytheon provides an even environment under which to develop a strong career in the defense industry. By this, I mean the hours are very regular and the work is constructive in building technical abilities and long standing skills. Projects are often rewarding with a strong mix of technical fields. There are many opportunities to work with various technical disciplines to give you a very strong overall picture of the final products in development.
Cons
Because of the natural pace of the defense industry, Raytheon has a significant amount of politics and bueracracy at the higher levels. As with all companies, it must be dealt with and managed appropriately. However, due to the higher levels of employee retention, old politics tend to play a larger role than in other companies.