If those men and women are willing to fight so I do not have to, or my son's do not have to then they deserve the extra points on a test. Many jobs that offer points for the military on tests also offer points for volunteer fire fighters. If you want an edge sometimes you have got to give first.
I think jobs are going to be an issue for a very long time. We live in a global society now and the world is educated, meaning that many people can fit the bill. Today it is more important who you know, and what you have done. So yeah, those willing to give the most (like being in the military) are likely to get the most.