There is a lot of good info here, so I don't have too much to add. As a qualifier, I joined the AF in 1993 as a HS drop out. It was just happenstance that I was able to join as a dropout...long story. Nonetheless, I intended to do 4 years and punch out...but...
22 years later (end of 2014) I retired with a great pension, excellent and reasonably priced healthcare (through Tricare but could use the VA "for free" if I wish). I also came away with 3 AAS degrees, a BS degree and an MA degree. I didn't use my GI Bill until after I retired. With that, I went to law school and didn't pay a red cent...as a matter of fact, with the tax free housing stipend, I was PAID about $20K to go to law school. The education benefit alone in monetary terms FAR exceeds $100,000.
It was a 22 year career that I wouldn't trade for the world. If I had to do it again, I would do it in a HEART BEAT. Was it all roses? Of course not...is anything? I got to do some very cool things that most people only read about or see in the movies. I have travelled the world...I am not sure how many countries I have been too, it would take a long time to figure it out. I was paid a very fair wage...all in all, it was a solid 8 out of 10.
That said, it IS the military. The days of the Air Force not deploying and only staying in 5 star hotels has been over for a long time. I know pilots who were deployed and were subsequently used as convoy commanders in the middle east...part of the "joint operations" that are so pervasive these days. So, take any thoughts you have of not being in a theater that is deadly and throw those out the window. While I felt that what I was doing was relatively safe, there were two occasions that I knew (and should have) died but lucked out. One was mission related, the other was weather related. So, the risk is there...and it can be significant.
I can also say that all the vets that I know went on doing pretty good things some are making some ridiculous money. The guys/gals that did 20 years all said they would do it again and a LOT of folks I know that did less than 20 wish they stuck around. Nice thing (sort of) is the days of 20 years or nothing (retirement) are also over. I don't know a lot of the specifics of the new retirement system, but I do know that you can "retire" with pretty good benefits without doing a full 20 years.
Last thing here. Recruiters aren't "paid to lie", yes they will re-direct you and will make things rosier than what you might expect. I didn't get to see what basic training would be like because "the VCR is broken". BUT...they go through the best training in the world on being salespeople and they are VERY good at what they do. So, as others mentioned, do your absolute best getting a guaranteed job; not just "open" (which can be wide and varied such as "Open-Aviation-Mechanical"). Recruiters do have a quota and it is easier to fill by plugging these "general" jobs, but stick to your guns and seek out a guaranteed job. There are also opportunities to cross train into another career field at different points in career. Some of these opportunities can come with very lucrative re-enlistment bonuses. There is also the option of moving over the guard/reserves which is what many pilots do. About mid way through my career, I was offered a full-time pilot position in a reserve unit I was attached to (I was an active duty liaison) but didn't see myself doing it for so many more years. BUT...the opportunity was available to me. Remember, I joined as a high school dropout.
Whew...OK, I think that's enough of my .10 opinion.
I differ with Dash Man: Aircraft mechanics in the private sector do not earn much. Don't choose that career path.
That is WAY over generalized and simply not accurate. I have lots of vet buddies that did 10 years (or less) and got very good jobs in the aviation maintenance field.