Here's a scenario: O-4, not under DH Bonus contract, almost 2 years Past MSR, selected for DH on 2nd look, turn it down. What happens? I know you can't submit a "don't pick me letter" prior to the board, but if you turn it down are you going to be forced out of the Navy even as an O-4?
I was told that I'd have a lot of options as an O4 if I didn't pick up on my second look for DH. In fact, I was planning on not getting picked up! I got the impression that you could get out if you wanted to (after turning down DH, not on the bonus) or they'd find something for you to do. If you stayed in, probably not going to fly, though there are a few flying gigs for O4s out there and if you're coming off a pain tour, you might have a shot. Otherwise, pick your staff.
Second look though, if you get picked up, prob not going to be OP, prob be OP-T. OP-T kicks ass, if you don't get TACRON...