If you are spending it on yourself (or kids) you will almost certainly get more out of it from college. For the flight training, they treat it as vocational. Every $10K equals a years worth of GI Bill. So unless a year of college costs less than $10K, it's a better deal.
As to saving it for kids, I think that's the best bang. However, who knows how long this great deal will be around. They are already tinkering with it in the current NDAA.
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