I think QOL will depend on what unit you choose and what service you are in. You can always be activated and sent to OEF, OIF, or put on disaster relief. I was in the FL National Guard for a little over a year before I got my ROTC contract and only did my weekend drill. That unit eventually went to Iraq and several Hurricanes hit the area since I left.
If you don't mind the possibility of deploying then the few extra bucks could help out with buying groceries as an underpaid regional FO.
One bright side about being activated is keeping your seniority number while deployed. I worked with an Air Tran Pilot who was activated for about Two years, all the while the airline added airplanes and hired pilots below him.