I was a cadet a long time ago (graduated 10 years ago). So if you'll indulge the comments of an air cadet "veteran"...
I did glider and power, and loved it. I also did exchange, which was a hoot.
But what did I REALLY get out of cadets? The leadership theory and extensive hands-on experience.
If you're a flight commander, class instructor, or squadron WO, take these jobs seriously folks. You'll use these skills over and over again in life. You have a real head-start in getting practical management and lecturing experience... don't underestimate how much it can help you later in life. You may not realise it, but one of the most important things this training does for you is builds self-confidence.
Sure, it was fun to flash my pilots licenses around school when I was 16 and 17... but when you're 29 and haven't flown in years (because it's too bloody expensive), it's not your pilots license that you'll be thanking cadets for... it's the effect it had in building your characters!
LOL... I hope I don't sound like too much of an old fart... I don't feel that old (and it still feels like yesterday I put on my cadet uniform every wed night).