OTS Route:
I submitted my application for a pilot slot senior year of college. I took the AFOQT/TBAS, submitted 3 letters of recommendation, met with a Lt Col for an hour to talk about why I wanted to join the AF and spent an invigorating day at MEPs. I started OTS shortly after graduation.
Pros: I wasn't doing PT at 5a.m. I was sleeping. I competed based on my scores, letters of recommendation, and the recommendation of the Lt Col that interviewed me. I didn't have to play ROTC politics etc. I entered AD on my terms, with a pilot slot in hand and no commitment until I finished OTS.
Cons: OTS fills the pilot slots not filled by the Academy or ROTC, so not everyone gets picked up the first time if there aren't any slots left over (sts), and you can only apply so many times. My school wasn't paid for.
I'm sure others on here can point out more pros/cons but those were the big ones from my perspective. I know plenty of guys that did ROTC and loved it.