Military (either AD or Reserve/Guard) = right on. Great experiences, great people, meaningful work (when flying), a (relatively) honest employer, a stable paycheck. And if active duty for 20, some pretty good coin. Yes, you need a BS filter for AD, but one of the highest paid flying jobs out there these days. Moving around the country/world at the whim of Uncle Sam can get old though.
Airlines = crap. Why anyone would start a career going the civ route these days is beyond me. $hitty work for $hitty pay, moving away from where you want to live (or commute, pick the lesser of two evils). Paying your dues is supposed to pay off in theory, but not these days. Despite the above, it may not be a complete waste of time if only there were some sort of career mobility. Sadly, there isn't. Hopefully things will improve someday (and I honestly believe they will). I guess Rez is right - if you're in it for the money or quality of life, you'll likely be disappointed. Yes of course there are worse jobs out there - lots of them in fact. But is that what we really shoot for when selecting a career, to have "not the crappiest job"?
What would I do if I were young again? Go Reserve/Guard and learn a trade. Every town needs electricians, carpenters, mechanics, firefighters, etc. All of the above earn as much or more than most US MAJOR airline FO's, with less training and experience required. They also allow you to live where you desire, or to move if you want, and offer career mobilty, i.e. a lateral move. Experience means something. A firefighter in my town earns $600 per day starting salary, right out of high school and the fire academy. More than 20 years after I started flying, I still don't earn that.