Pros
Excellent technical staff. If you work here, you will for the most part find yourself working with truly motivated, intelligent, capable folks, many of which you will end up calling your friends. That goes for an abundance of the support staff as well. In the current economy I would pursue a job (not a career) at Leidos with the enthusiasm of someone jumping from an overpass onto the last train leaving the gulf states in the advance of Hurricane Katrina.
Cons
After an IPO, and self-imposed corporate suicide, dividing SAIC into two companies: newSAIC and Leidos Corp., it appears Leidos has sold it's sole to it's shareholders, sacrificing staff in the process. The company is going through a major downgrade; divesting itself of long time acquired real estate in favor of massive cube farms, outsourcing of all corporate functions, drastic cutting of employee benefits (while inflating Director's benefits) including healthcare and incentives, continuous reorganizations across a national landscape (I never even met my last several Division Managers - none even located in my state), etc., all to show profitability to the shareholders. The company is losing technical, and support staff faster than a children's party clown with Tourette Syndrome (yes, borrowed from D. Miller) - that is, those surviving the rounds of layoffs that reappear on the horizon on a tidal frequency. There seems to be a bit of a bunker mentality emerging among the middle management folks.