Pros
Work life balance is very well maintained. Although most people are working in saleried positions, you still must log your hours worked. As a result, a 40 hour work week is actually 40 hours of work. If you have to work extra for some reason, over the 40 hour work week, you are compensated for that extra time either with overtime pay or with extrat time off that you may take at a later date. It is not a place where a 40 hour work week turns into a 50 hour work week and you still get payed for 40 hours of work even though you did more.
Cons
Sometimes there can be a lot of down time. Many new hires also complain about it taking a long time to get started on any actual work once they first come in. When I started working at Raytheon, it was about a month before I was even assigned to a program to work on.