Originally Posted by coolyokeluke

Well you opened up a never-ending-debate-can-of-worms. I spent ten years in the Navy myself. The answer to your question is....it depends. If you're going to do this career, as a pilot, you need to have an understanding and independent significant other. Divorce rates in this industry are probably as high as in the Navy because of non-understanding non-independent significant others.
As far as a degree, my humble opinion is to get a degree in something other than aviation. This is a fickle, cyclical industry and it's smart to have a back up plan. Do not go to an expensive flight school or university. Employers really don't make that big of a differentiation between bachelor's degree programs (unless you go to an Ivy league school) and the flight certificates/ratings you get at your local FBO are every bit as valid as the ones at an expensive school. You will need to have a low overhead if you're going to survive the initial years of poverty in this industry.
Pay rates vary widely. You could google airline pay and see some rates. A basic rule of thumb is to take the hourly rate and add three zeroes and that should give you an approximate of annual pay. Figure on 5-10 years before you're going to make a livable family wage.
Good luck with your decision.