I agonized over answering this one for a few choice moments. On one hand, I think a military-like structure might hinder creativity and intellectual development, because it teaches children to see everything in life as yes/no/either/or with no uncertainties. On the other hand, it provides structure and the ability to believe in yourself, and develop teamwork skills. So I think the benefits outweigh the negatives.
It can be appropriate to use military-like tactics to discipline children who have significant problems with authority. When normal disciplinary procedures with children fail, military school has been shown to be an effective alternative. Sometimes kids need more pressure in order to reach their full potential. Some kids thrive in military schools.
Amongst the most effective ways to teach and reform children in America is the use of military school. I think that the routine, the grind, and the camaraderie of the military style structure to provide children structure is one of the best ways to do it period. I've seen friends go through it.
I do not believe all children will respond effectively to a military-like structure, however some may find it favorable. I think the most important thing for a parent to do, is to take the cues from the child, as for what works for them personally. Children are all unique some require more structure, others less.
A military-like structure for kids does nothing except encourage them to be in the military when they grow up. Having regular activities each day like getting up at the same time, going to school, and having regular bedtimes is sufficient to give children the structure they need to thrive. Families aren't democracies, but they aren't the military either.