Had two mates do this as well recently after failing pilot aptitude testing. One is now doing ACO training in the hope of becoming a Super Hornet back seater which has to be a good gig I reckon if you can't pole the thing yourself.
Other one has gone ATC (which is now known as Joint Airspace Battlefield Controller or JABC). Pretty exciting opportunities, as you can get your para qual and jump into battle with the Army guys to set up the forward airfields.
But as LJR says, if all you want to do is fly, then maybe it is better to wait and re-apply? If you are going to sit in the back seat of a Hornet and be bitter at the guy in the front seat the whole time then ACO is not for you. That is the ultimate question in my opinion.
All I ever wanted was to fly and luckily that has worked for me, but if I had failed, I would not have done anything else. It was my dream, and there was no such thing as second best IMO.