Pros
For a young college graduate, becoming an Officer in the US Navy gives you leadership and management as well as verbal and written communications skills from day one. Benefits above the other services include: world travel, the honor of serving as a warfighter (comparing being a Submariner or Naval Aviator vs. an Army or Air Force Communications Officer), camraderie. The Navy builds all of its officers to be leaders and generalists from day one. That may at times mean you have to succeed with little training, but those who swim and don't sink will find they are better leaders because of it. This also gives certain fields, such as Pilots, experience as budget managers, leading maintenance troops, etc, beyond just flying a plane.
Cons
The Navy is a commitment that is not for everyone. It requires years of your life, and you will deploy (but better deployments). Officer Fitness Reports only take into account Commanding Officer's view of your performance, which may not reflect more than their preference. Graduate school opportunities are limited for junior officers.