Pros
Good training provided-- great way to get some initial high tech training without any debt. One of the few places you can get a good pension after 20 years, free medical for you and your family. You will quickly be given great responsibility over expensive equipment where the consequences of failure for you and your peers is potentially severe.
Cons
You go where the Navy needs you when they need you. While on shore duty management is usually very accomodating of family life and time off, however, while on sea duty you will probably miss things like the birth of children. The Navy is generally drifting towards more and more micro-management, breeding a new generation of sailors who are often less responsible than a decade ago. The recent proposals by the pentagon concerning pay, retirement and medical coverage have created a lot of uncertainty in the ranks. Pet social engineering programs passed down from politicians will have a significant future effect on the force, most of it appears to be negative.