I graduated college in spring of '05...I miss academia. I'm good at it, and enjoy learning, especially in the discipline of aero engineering. I was very competent at my "actual job" that I went to college to one day do, and did that for 4 years. I agree that my focus should now be on re-learning to fly the SNA way, but if it were possible to have the time to better myself and further my future with my Masters while doing that also, then why wouldn't I? It appears from everyone's opinions that it isn't.
I was in college from '01 until '08 so I guess that maybe I am a little burned out, but that being said, you will have to shift your mindset to some extent once you get here. I don't know that I agree it is "bettering your future"; you will have an opportunity to go to grad school (probably on the government's dime) if you are patient, but you will never have another opportunity to excel in flight school. If you still have a hankering for aero engineering, I'd say your time is probably best spent in that field, rather than hundreds or thousands of miles away from the industry flying military airplanes on active duty. Academia means less than nothing in the VT's....