Pros: steady pay, free medical, travel
Cons: long hours, not much "family time", low pay, high stress, poor personnel management
I've been in for just shy of 20 years. While I've learned a lot about the world, and life in general, it has really put a drain on my family life-- I went through two divorces, and I believe my deployment schedule and operation tempo caused the demise of one of them. I will say the bennies are good-- Free medical, reduced-price dental, inexpensive life – more... insurance; use of the Commissary and base exchange (prices are comparable to your local supermarket or walmart, but you don't pay sales tax on anything). Those things almost make up for the pay you will get (you could probably do better on "the outside", in the civilian/private sectors, especially if you are in a technical field, such as Information Dominance, Information Systems, or Electronics). For the most part, it's practically guaranteed that you will get paid twice a month (on the 1st and the 15th), unless they screw up your pay (which has happened to me on occasion)-- so yes, the money will be there, but there just won't be much of it.
Since I've been in, I've seen the Navy change so much. It's not quite as fun as it used to be-- "kinder, gentler" and more "politically correct" now, so the image of the drunken Sailor is going away, due to so many rules and regulations about what personnel do in their off-duty time (i.e., where they can go, how long they can be out, even so far as to what websites they can and can't go to). And not to be speaking out of contempt, but the current upper leadership in DC isn't all that great, and has been pushing harder for the removal of many benefits (including retirement pay/pensions, healthcare, and education benefits-- military-wide).
All in all, a nice ride, but for you "younger guys" coming in-- get your education while you're in, learn your job; then get out. DO NOT make a career out of it. – less