I would agree with the above two replies - there are many features of service life which a lot of people might find disagreeable (the amount of time away, the lack of control over your destiny, and the constant moving around every three years or so being the most obvious), but if these things don't bother you, you'll enjoy service life. Of course, to some people, the three things I've mentioned are a positive thing, not a drawback!
As for the points Joe makes: there may be less fun to be had than in the 'old days' but that doesn't mean there's NO fun at all any more. Less money - do you mean for the individual, or the MOD as a whole? As aircrew, I feel very well remunerated for my efforts, but as far as I'm aware (and I may be wide of the mark here), people of most trades - certainly the engineers I've spoken to - are content with their wage too.
I've been in nigh on ten years, and I enjoy life very much (though I am in a cushy niche, I must admit), and have no desire to do anything else at the moment. I have enough hours to get a CPL/ATPL without difficulty, but I'd much rather stay in the RAF because the flying's much more fun than almost any civvy aviation, and the lifestyle to my liking too. This may well change depending on where I end up next...
As for withdrawing from uni - okay, it doesn't look great on the CV, but then I've heard of people with much more 'turbulent' experiences in education etc making it into the RAF to fly. Nothing is impossible (well, kind of)!
Good luck,
TOTD