Vantaggi
The company seems to be holding its own against competitors, and is a reasonably stable place to work, if you're worried about layoffs. There's some good, solid engineering going on, and some smart people. In general, the benefits are adequate. 401k is very good. For current employees, there's a pension, but new employees don't get that, sorry.
Svantaggi
In the defense industry, there seems to be a race to be the "low cost provider" of technology. This race to become the walmart of the defense industry is affecting the company (and its competitors, I'd guess) in ways that aren't always pleasant. What used to be a company where innovation and technology were the most important thing has become a company where cost is usually the driver, with predictable results. Time off policies are well below standard. If you're someone who actually takes time off, be prepared for some of it to be unpaid. Most rank and file employees can get the time off approved, but you get so little PTO that you won't have any to take.