Pros
Once great benefits that are steadily eroding. As a scientist, I was able to get free schooling (and paid to do so at the same time) for my Bachelors, Masters, & Doctorate. Only had to deploy once for a year. Pay is good, but demands are high (working several jobs but being paid for one). Flexible work hours (meaning you work as little or as much as the job requires - weekends/nights included). Lots of respect within the community/nation. Given responsibility earlier than comparable positions in industry. Good travel opportunities. Liberal leave program.
Cons
Focus is currently on machines vs. people. It took over 25 years to grow me and when I leave this year, I leave with all that experience and education. Medical care quality & availability has gone down rapidly over the past 10 years. Too much time/money/energy spent on overseas bases with expectation of permanent presence. Overclassification/compartmentalization in wake of WikiLeaks leading to breakdown in communication between co-workers and other military units. Poor personnel management (pay bonuses to keep people in and then pay to have those same people leave a few years later). Complete loss of strategic thinking or any vision for the future of the Air Force.