A few other people hit the high points. The bottom line though is that if you make good use of all your benefits, even the low end of the pay scale can be good money.
http://www.dfas.mil/militarymembers.html
Soldiers who choose to live in the barracks (no rent or utilities), eat at the post dining facilities (low cost meals), etc., can make a pretty good living even on the low end of the pay scale. If they are authorized to live off post (it's not automatic) and they find a place that is below their housing allowance, they can pocket the extra.
As to being able to obtain loans easier, etc., yes, however, many lenders prey upon young, ignorant service members and charge them exhorbitant interest rates. Lenders know they have them by the short hairs because they can place a phone call to their commander and get their money. The military doesn't look kindly upon members that don't pay their debts as it puts them at risk of being manipulated or exploited for information. It is also not uncommon to get discounts at many places which is nice also.
Bottom line, if you play your cards right it can be a good living or you can completely fuck up your life and your credit.