Served for 6 years in the Navy, most of my time spent in the EU. Here's my perspective...
Your job makes a huge difference. We had a saying, "Choose your rate, choose your fate." (Your rate in the Navy is your job specialty) There's a big, big difference between being the guy that monitors communications and the guy that's scrubbing toilets. Different jobs have different likelihoods of seeing sea time (Navy, obv), or more/less deployments. All of this is determined largely on your ASVAB score and background check. If you walk into a recruiter's office and score a 99/99 on that test, you get your pick of specialties, subject to some secondary testing in some cases (higher level math exam for the nuclear field, for example).
As to the question of is it worth it... For me it was. Now, i never was shot, lost a limb or otherwise saw any "real" danger. To me, it was an opportunity to expand my horizons, travel the world and meet people from cultures which I likely would have not otherwise interacted with. There is no question that it instills a certain mental toughness and discipline. These traits have served me incredibly well over the course of my civilian career. Those are the pro's.
The cons - it's an old boys club, period. In my personal experience, i encountered a lot of superiors who were hiding out, vs. actively contributing. Longevity is rewarded over capability - sometimes that's a good thing, often it's not. If you are a highly capable person, you will work for people that are not to your intellectual level. There is also the letter of the law, and then the way shit actually goes down and gets regulated. This is the boy's club piece. It's more political than you would think from the outside, and depending upon the cliques you travel in, you get away with more or less. Such is life, but it's a bit different than the romanticized version you see on tv/movies. There are douchebags everywhere, the military has its share (or more).
Similarly to the above where i talk about the importance of your specialty, there is a huge difference based on branch. In terms of quality of life, it goes 1) Air Force 2) Navy 3) Marines 4) Army. The Air Force calls their barracks dorms and, on some installations, have a cleaning service. They rarely get shot at, have no sea time and their worst deployment is South Korea. That's the branch you want to serve in.
Finally, once you are ready to end your service, there is something that you need to understand. Your experience and education obtained while serving does NOT get equal footing in the civilian world. Without a doubt, there are situations where a military background is a huge plus on the resume (some companies value the traits instilled, others like security firms, law enforcement) are natural translations). Normally though, unless you take the time while serving to get your undergraduate degree and (depending upon field) some industry recognized certifications, you will find your earning potential more limited than you might hope given your experience and training.
Family - One thing that i do miss from my time in the service is the sense of community. Perhaps because i was never stationed stateside, the bases where i served had universally strong community atmosphere. There's always something to do, people to do it with and you are by and large surrounded by others in similar situations to yourself. That comes into play when you do have to deploy and leave the family behind. Military families generally do a great job of connecting and supporting each other during these times. It's definitely a plus...
Recruiters lying... They are salesmen. They lie. But they only get away with what you let them through either ignorance or ambivalence. Whatever they promise, get it in writing. If you do that, you are covered. And, it's a two way street. If you lie about your background, and initially get a job promised to you that requires a clearance, you deserve what comes next - a removal of that job and (in the case of the navy) a year or two serving as "undesignated," which roughly translates as "Navy's bitch." If that happens, you work for a couple of years doing grunt work, and hopefully perform well enough that they give you a chance to get rated in something you care for. Don't lie (or fuck up during training) and this won't happen to you, so wouldn't stress on that one.
Anyway, that's a long post, but if you want more information, please feel free to PM me.