Pros
When you add up the extra benefits and the retirement, it's good pay for the amount of work (for officers). If you fly, you have a leg up. Most of the work will consist of organizing squadron and base functions, making PowerPoint slides, and going to meetings--even with an engineering degree.
Cons
Your management gets promoted by not screwing up, not by doing something outstanding. There is no incentive for them to trust you. You work with all types, so it is understandable, but you'll have to convince your first year at each assignment convincing people you are competent. Most of your time will be spent accomplishing side tasks as opposed to your core function. You don't have a matching retirement fund--it's all an annuity that starts paying out when you retire. It's great if you stay in for 20 years, but if you get out after a few years, you will be behind on saving for retirement.