Pros
The products are exciting, complex and innovative. If you like working with people who are intelligent and motivated, there are lots of those kinds of employees here. There are also many employees who have worked here a very long time and are enthusiastic about the products they are working on, so that kind of enthusiasm often rubs off. Often the work on the business/operations/procurement/finance side of things is very challenging, so if you are up for a challenge this is the place for you! They have many different career paths to choose from, with detailed job descriptions and salary ranges available for searching through. There is a huge move for mentors to help provide guidance on things like career paths. They compensate you very well for having a masters degree, and they even offer tuition reimbursement for many master's programs. They allow you to have flexable work schedules and many departments offer the chance to work from home occasionally or as needed. They offer you a week when you first start working if you are in a salary grade 1-3 to learn LM's history and accomplishments and all the programs you could potentially work for. They also give you a chance to get to know other new hires and network.
Cons
Many processes within operations has not been defined or if it has been defined it has not been effectively communicated. This leads to a lot of duplication of effort and frustration. It is unclear how exactly one gets a promotion or a better raise. There are no benchmarks or guarantees for achieving a successful or high performance. No one tells you what the requirements are for getting a promotion and getting a straight answer from HR or your manager is basically impossible. There is a real "old school" work business ethic that can sometimes be sexist and is almost always very discriminatory if you are not in the "old boys club". Some programs are more military oriented than others, and those seem to survive based on machismo and intimidation.