Matt,

About me:  F-16 pilot--17 years, BSME, MAE.

It's all about timing.  If there are lots of applicants for very little jobs. The scrutinzing goes up.  The inverse applies as well. 

Physical issues.  one of your posts is exactly correct.  AF physical and Army physical are NOT the same thing.  I'm pretty sure lasic is no longer a disqualifier though. 

Legal issues.  Any one "in-and-of-itself" is not too big of a deal.  You should refrain from exhibiting a trend of undisciplined behavior.  The fighter business (and flying in general) is very disciplined.  We work as a team, and need full assurance that everyone has the discipline to come through when it counts.  You can explain away young behavior, but if there are continual issues with the law, it is more difficult to justify.  I'd really work hard to drive a clean slate from here on out.  Put lots of time between you and your last "incident."  If you get to interview, it will show a lot of maturity for you to take accountability of your prior actions, and show how you have grown from it.  (Hard to buy,  "I really matured and learned alot from that incident..." when your interviewer is looking at two or three of the same offense).

Other stuff.

They DON'T care about the fraternity.  

They DO care about Captains of team (demonstrates leadership potential).

They DO care about the Engineering Degree (and GPA).  However, if you get to go to pilot training, you'll have to "undo" some of your engineering ways--real fast.

They DO care about "teachablility".  The simple stuff.  Not all those PDEs, ODEs, and Thermo that you are churning out in your engineering studies.  Things like pain response.  Here's an example:   "It financially hurts when I get a ticket on my motorcycle."  A teachable guy is responsive to this and won't get any more tickets.  He carefully learns from all the cues around him and incorporates these as postive habits.

One last thing.   There are no guarantees, but this is as close as I can think of:   One "for sure" disqualifier is drugs.  Once you go there, you're done with us.

Hope this helps.

"Agent"