Service life is good. Perhaps one of the things I regret in life is not staying in, I left after six and a half years. There is a good sense of camaraderie and you are, as pointed out, learning real engineering skills. As an ex-military engineer you are more employable, should you decide to leave.
Basic training isn't fun, but you kinda do look back on it with fond memories. At the beginning it seems like it will never end, but you just need to remember that the clock never stops ticking. It also instils you with a sense of pride when you finish, because not everyone does. You then have a steady job, with a steady income. If you are not a spend thrift, you can also save a lot of your pay and put a deposit for a house together very quickly, and get the cash together to buy a car for cash (no need to enrich the 1% further than you need to). [size=78%]Submariners also get extra pay.[/size]