Pros
Excellent camaraderie, outstanding training, very rewarding for the first 9 years. You will fly in places and in ways you simply can not in any civilian flying job. You are given command of a 60 million-dollar war-machine and crew of up to 5 people at a very young age and expected to execute very complicated (often multi-aircraft) missions in very dynamic and challenging conditions. Excellent job security: Even if you don't get promoted and you get forcibly separated, you will know at least a year in advance. Resigning takes a full year; getting kicked out (fired) takes a full year.
Cons
After about the 9-10 year mark, flying opportunities dwindle and there is a much greater emphasis on management and administration. Throughout those first 9-10 years, you spend as much time doing administrative jobs as you spend flying and preparing to fly. You spend much of your life at sea, away from family/friends and without much contact (no cell service, no video chat, limited email connectivity). You will get good at making very close friends and then leaving them abruptly to not speak for years at a time while you make many new sets of very close friends. Up-or-out: You must promote or you get kicked out. Effectively a 10-11 year commitment to join as a pilot. (8 years after "wings," which take about 1.5-3 years). Then if you take an overseas tour as your third tour, you have to finish the whole 2-year tour before you can get out. I earned wings 1 year and 4 months after joining (very fast). I will be leaving the Navy at the 11 year mark (my first opportunity). Work-life balance is almost non-existent. The aviation community is better than many others about trying to achieve this balance, but at the end of the day we all took an oath and that means work always comes first.