Earlyretirement,
I'm not sure your premises are entirely correct. First, 4 years of no college fun. While service academy cadets don't have the freedom of a traditional college student, they have plenty of fun, but you take it where you can find it. When my cadet comes home on leave and tells me what she's been doing and compare it to my own college experience, I've got nothing to say but "wow". Swab summer is definitely not fun, but when you look at all these kids accomplish in their seven weeks there, you'll be amazed. Meanwhile, their peers going to college have generally only gotten seven weeks older. However, don't be under the impression that these young men or women are nothing but stone-faced stoics their entire time there. They have fun. The anecdotes I hear are hilarious and they form life-long bonds.
As for making far less after graduation than going the civilian route, I'd have to challenge that as well. First, if you look at life-cycle earnings, they pay nothing for their tuition, room and board for four years (including summers) and on top of that are paid to attend. If they are careful with their money, they may even graduate with $10,000, $15,000 or more saved from their cadet pay. Thus from the get-go, they already are at least $80,000 ahead and could be even further ahead of their civilian counterparts.
Then there is the pay. While the basic pay rates for new graduates are not great (about $35,000/yr), it is respectable and certainly higher than what new civilian graduates earn who cannot find a job. However, in addition to basic pay, the graduates also likely will receive full benefits including health care, dental and vision coverage. Last, but not least, they will receive a basic allowance for housing and basic allowance for subsistence on top of their base pay. These allowances are all tax free. While they vary based on location these allowances are substantial. For New London, CT, for example, the monthly BAH for a freshly minted 0-1 is $1347 without dependents. Overall, The value of pay, BAH and subsistence for a new 0-1 could easily exceed $50,000. Add to that the medical/dental/vision benefits, and I doubt you could point to many fresh civilian college graduates that can match this, especially on an after-tax basis.