ROTC-- Army, the truth?

what is the plain and simple truth about Army Rotc at colleges that you will not hear from the recruiters? Is it better to wait until you have a 4 year degree and then try for OCS or do ROTC. in either case do you still have to go through basic training? And last, at what enlisted rank is a soldier kind of on an even keel with a 2LT, I would ume not a private. SSG, SGT or SFC?