I have decided to write an end all be all to this argument (yeah!).
Joe Civ vs. John Mil.
Employers look at Joe Civ as an unknown. He has proven himself via his longevity and survival. He has not bent anything up, or slid off of runway, or run out of gas. They look at John Mil as a known. He went through a system that is well known and proven. They realize that he has less then half the time of Joe Civ, but know the training he has gone through was fast and furious. And, they are comfortable with him. Of course, letters of recommendation, personality, who you know, are all variables that have to be taken into account.