Pros
Full Coverage Health Benefits is a very nice benefit. Furthermore, signing up family members is very easy and low cost. Multiple types of allowances. The Navy compensates you for many things, from job, location of work, any specialties you obtain, etc. Job Security- Especially in times of a slow economy, the military is always around. There aren't lay offs. Promotion is largely merit based and self controlled. The Navy provides opportunities and possibly money toward obtaining further education (undergrad, grad, etc)
Cons
Very vertical organizational structure- It is the military, so there is a lot of "yes, sir" without much room for feedback from the bottom up. time away from family- in the military deployments are a part of the job. It is not unusual to be away from family and friends for weeks at a time all the way up to over a year at a time.