I took continuation last year, if you are a pilot you will be offered it no question. As previously said, you will be given a non-continuation letter and another form to sign that you either accept or deny continuation. One change that began last year that was different from previous years is that Big Blue is only offering it up to 20 years. Previously you had the option of 20 or 24, and perhaps this year it was reverted given how consistent AFPC is with these types of things.
My non-selection counseling was on the phone with an 0-5 who basically told me what I already knew. My records were great, but I didn't check a certain PME box. This may have been done purposely to provide some stability for family needs, regardless of whatever pay or leadership opportunities that were forfeited. Most likely it will be the standard "get good strats, lots of awards, a staff assignment would help, blah blah blah".
One thing to note, if you do decide to take continuation you are NOT locked in for 20 years, it's not an ADSC. But, if you take it, any outstanding ADSCs still apply (like a bonus commitment).
Fingers crossed for TERA! (/s)