The grad school additional commitment is not as trivial as suggested. It's a three year pay-back per year in school that begins after completing the program. So while the USAFA commitment is concurrent while in school, the new commitment adds up. That lovely RAND program (of which I also graduated) now requires a 9 year commitment after graduation for three years of school.
For those who are dead set on pilot, few want to discuss the inherent risk of delaying training. Things can change with you or the Air Force during that delay. While rare, it happens. Like it did for me. A medical reg change while I was at RAND took me from fully pilot qualified to permanently disqualified despite no change in my medical state. Most likely, had I not gone to RAND, I would currently be a pilot somewhere on active duty. Instead, I'm a (happy) civilian analyst. But for awhile, losing a childhood dream the day before I was to step foot in the cockpit of a T-6 hurt for quite some time. I don't regret my choices now, but it would be a disservice to cadets and candidates not to warn them of this risk.
And a short story combination of where commitments and risk combined to make for quite the headache. When I signed my RAND commitment form (you sign a form outlining your commitment for taking assignments that impose further commitment), the policy was 5 years post-graduation for PhD programs. I signed a 5-year commitment. After I graduated and was waiting to begin pilot training, AFIT came back and said, "Whoops, you should have had a 9 year commitment, we updated your files to show commitment to 2022 instead of 2018." At first I was like, "that seems very wrong, but whatever, my pilot commitment will be 10 years so its irrelevant anyway." But I started thinking more about it and, being the senior LT and more mature 25-year old self (haha!), I realized that sh*t happens and I need to protect myself. I contested the increase with AFIT who basically said tough, deal with it. Knowing that it's kind of illegal to impose an extended commitment after signing one contract and going through the program before being informed, "we made a mistake," I appealed to the Air Force Board for the Correction of Military Records (BCMR). They concurred with me and corrected my records back to a 2018 commitment. Sidenote: MANY 2009/2010 grads during this period received similar changes from AFIT, it was quite a boondoggle. At the time, I was happy but figured it didn't matter a whole lot. Then I was medically DQ'd from flying, contested the DQ for a year, and had to decide what to do when I knew I was no longer going to be a pilot. Since it was the end of 2014, I petitioned to separate instead of reclass into a new career field. With a 2018 commitment rather than 2021, the Air Force was willing to let me separate since they needed to downsize my year group anyway. I learned some very important lessons in those few years. One about decisions and risk, particularly when you delay a dream for a great opportunity and what that may cost you. The second was to always ensure your records and files are correct, even if you think the mistake won't have repercussions (mitigating risk again). You should always have back-up plans.
At the end of the day, looking back, I don't regret my choice to go to grad school. The experience fundamentally changed my world-view, my intellect, and provided me invaluable tools that have led to significant success as a civilian. During my short time on active duty, I found that I did not really fit in to the Air Force anyway but I am thankful for all the training and opportunities that my service opened up and taught me. I would do it all over again.