Pros
Work experience is fantastic. You can learn a skill that makes you marketable in one tour, and can then transition to a civilian job. I didn't choose that route and will soon be retiring after a 30+ year career. I was able to get my college education (undergrad and grad) on their dime. I've travelled all over the world, lived in other countries, and have a skill set that should translate to a well paying job after transitioning. The pay was challenging when I first joined, but it eventually catches up and I feel I'm very-well payed now. The benefits are are great. I really can't think of another "company" that provides the extras that the Navy does (other than the other services). The best part...I'll soon retire and keep those benefits, along with 75% of my base pay each month.
Cons
Time away from home/family. Frequent moves. Boredom during long deployments.