Pros
Travel Opportunities are one of the best reasons to join the US Navy. You will be traveling to many parts of the planet. However, not all places visited are for pleasure. In most occasions, you are there to do some work. The Financial Security is the best of all reasons to join, especially, during hard economic times. The money is not that great but it pays the bills. Health care while in active duty status is better than any other healthcare plan in the U.S. Job satisfaction and recognition while serving is a great motivator to continue doing something that few people ever do for their country.
Cons
Poor pension plan, the military only pays 40% to 50% of the basic pay, however, this is not enough to live in the civilian community. In other words you still have to continue working after your military retirement. Veterans benefits are very bureucratic and poorly managed by the VA. Service related disabilities are compensated in very low rates, that don't represent the true assessment of disabilities by civilian physicians contractors with limited evaluation tools to assess mental and physical disabilities. The GI Bill is not enough to cover college expenses, the VA GI Bill benefits are pay to the Veteran on a monthly basis. However, there are long periods of time when the benefits are paid very late after the semester is completed. The GI Bills does not offer transferable options to family members and if it does it has many unrealistic requirements that are difficult to meet. Family separation is the worst downside of military life, if you value family time, the U.S. Navy is not for you...