Pros
The pay seems to be a lot better than most places, and the flexibility of work schedule is a huge plus. It's a great place to network with people, and being a defense contractor (depending on how you look at it) can have some great benefits. The type of work is always very interesting and for a technology company you're always working on cutting-edge stuff. From a corporate standpoint, there are few rules in terms of schedule and advancement. Because of this you won't find a lot of "corporate" rules and regulations driving your management to do things that are "out of their hands". At the same time, many departments won't look out for you either.
Cons
It can be very political, and the benefits of salary/work arrangement can vary greatly depending on your department and management structure. Since Northrop is a defense contractor, it's tied very heavily with the current political spectrum. Huge swings in defense spending can drive layoffs or a glut of over staffing. Another downside is that many departments are very politicized and many employees find themselves doing better work than a coworker, but are not rewarded or advancing as fast as they should be. Another downside is that most of the work done here is classified, and because of that you can't always talk about what you do to family and friends. This can also be a plus if you like to work on cutting-edge technology.