Pros
I will be transitioning from the Air Force after 28 years of service. I've seen a ton of change, upheaval, and challenge over that time, driven by geopolitics, domestic politics, war, and adjustment to constantly changing culture. Throughout it all I gained a ton of great experience, worked with/for a lot of great people, and expanded my skill set tremendously. The Air Force is a great place to start out, whether you go the enlisted route or enter as an officer. You are given more responsibility in a shorter amount of time than most civilian careers and, depending on how you apply yourself, you have many, many opportunities to advance and be picked up for a wide range of special opportunities. There is truly something in the Air Force for everyone and, even with overall benefits reduced over the years, you still earn more faster than you would on the outside. You also instantaneously become part of something--a family that you can be proud of well beyond your years of service. Despite the challenges, now is an exciting time to be a young person joining, as YOU will shape the future.
Cons
Reduced budgets, forced political correctness, and regular policy/organizational turmoil can be very challenging, particularly if these things clash with your personality. Military life is not for everyone, and it is NOT just a day job. Don't join to simply show up in the morning with your Starbucks in hand, get a paycheck for doing little while texting all day, and go home to party all night. Serving your country as a member of the Armed Forces is a lot more than that, and the current generation entering service needs to mentally prepare for the next set of wars and associated deployments because you WILL face them, just like every generation before you. It his hard on individuals, teams, and families. If you aren't ready for the challenges, don't join.