Pros
Excellent career opportunities and many different functional groups available. Also, there are locations all over the country, so in the event that you need to move for personal reasons or otherwise, that option is available. People are generally extremely friendly and laid-back, and Raytheon is quite good about balancing work and life. Hours are very flexible for the most part, and employees start out with 100 - 120 hours of PTO, progressing to 160 hours at 5 years of employment. Employee demographics are quite diverse and the workplace is pretty PC. Perhaps most important, salaries are very competitive, particularly for entry-level employees.
Cons
The average age of employees is over 50, which generates a lot of bureaucracy, and most processes are set in stone despite Raytheon's extremely active Six Sigma program. Also, entry-level employees often end up doing odd jobs here and there for some time while management decides where they should be placed. Many, many employees are ex-military, so if you have no military experience, you can sometimes have a hard time fitting in or understanding the lingo or culture. Despite competitive salaries, HR is rather non-negotiable. Acronyms are everywhere, and it can take weeks or months before you understand them all, and people throw them around like you should know them already.