Pros
Raytheon provides a very flexible work environment which allows telecommuting when necessary. Also Raytheon has a firm stake in the educational advancement of its employees. The company has provided a lot of funding to obtian a MSEE degree and further down the line a PhD degree to transition into a technical leadership role. Also once management determines your value they tend to really challenge you with an abundance of work and if successful can lead to very nice raises and promotions. Overall Raytheon is a good place to work, stable employment, very good benefits, and nice people. I would recommend it.
Cons
Raytheon rushes projects because most of its leadership does not possess the knowledge to make good technical decisions or do not ask the right people fo rinput. This leads to a very hectic work life filled with panic. Many times you are forced to work over time to catch up on bogus estimates. Compensation is also limited to annual budgets and too many layers of management make obtaining recognition hard unless your management truly fights for you. Also many of the jobs at Raytheon require US Government clearance that can place restrictions on where you go on vacation or who you may associate with.