Pros
In a very unstable economy, the Army is a guaranteed steady source of income, where you don't have to worry about the possibility of losing your job at a moment's notice. While the system is not perfect, the Army does provide valuable services, such as on base housing, health insurance and life insurance. There also many on-base programs designed to help Soldiers and their families with a variety of issues - child care, spousal employment, finances, religious support and much more. Also, the G.I. Bill is there for all Soldiers, so everyone has the opportunity to get a college education.
Cons
Anyone and everyone can and will act as your boss, whether they even know what is going on or not. You are trapped in your job, no matter what. This isn't a job where if you decide you don't like it or it's not going to work, you can just put in your two weeks' notice. You sign your life away to the government in a contract that is almost unbreakable. Your personal life is no longer personal. The Army can be involved in almost everything you do, and there are a lot more rules than in the civilian world, and you will be punished for breaking them.
