Pros
Opportunity to do interesting research as part of the SBIR projects. Valuable experience for fresh college grads as a first job post college.
Cons
Employees aren't paid well and retention is low. By the time anyone knows what they are doing, they leave. They leave because of the way they are treated by management. The desks are smaller than what most school kids have in their parents homes. Pay isn't according to how much anyone is worth, it is determined by the salary you are hired in at, so do not accept a low salary thinking you can prove your worth. Titles come easy but pay is kept low. Titles do not pay the bills, at least not for employees. Insurance costs for people with families is very high, make sure that is taken into consideration when considering an offer. Time off is also very low compared to other defense contractors.