Pros
The military can afford a lot of opportunities to individuals that otherwise would not have in the civilian side. For example, there are great benefits for family members such as housing, full medical/dental/vision, great community shopping, and the neighborhoods are relatively safer than where most of these people come from. In addition, if one has the time, you can take advantage of great educational benefits that come relatively free. Lastly, there are many great opportunities that come after leaving the military. The VA has many other great benefits for those who take advantage of them including medical, educations, and employment services.
Cons
The downsides of the Army will vary according to the individual. and their motivation to join the Army. First and foremost, you enlist in the Army to serve the United States of America and not the other way around. I you join the military with a specific agenda in mind other than to become a Soldier chances are you will have a hard time throughout your enlistment. Therefore, I would suggest doing a lot of homework and research exactly what you will do in the military as far as a specialty is concerned. Lastly, the family benefits are excellent, but they come at a price with two wars going on simultaneously.