Pros
Job satisfaction, especially in the more "operational" duties. The closer you are to flying or working on aircraft, the higher job satisfaction tends to be. Whatever your job, you can see what effect you are having on national security, and have the satisfaction that you're helping protect America. Full medical coverage, though the focus can be on getting you back to work and not back to full health. Military pay is good, especially with various tax breaks and pay incentives. The complete pay scale is online for those who are interested.
Cons
Bureaucracy, bureaucracy, bureaucracy. The Air Force, like the rest of the federal government, runs on rules, instructions, regulations, and proceedures. Much of your time is spent making sure your work meets the rules, rather than doing your work. There are a lot of people who you have to get permission from to get something done (especially in the back-end support functions), but relatively few people getting concrete work done. Thankfully, this culture tends to evaporate during wartime, with front line units focusing on getting the mission done. Regrettably, the bureaucracy reasserts itself once the war is over, or once the deployed unit comes home. Note to Engineers: Most Air Force "engineering" billets boil down to program management jobs. There are places where you can design something or write code, but they are rare. If your dream is to build neat things, look to the civillian sector for employment.