I've done the IW thing (this was before there was a dedicated community for it) at FIWC in Little Creek. I did a shore tour and did much different things than what I would have done had I been on sea duty. The sea bubbas deployed with the CVBG and basically showed up to the Admiral's staff with IW equipment at the ready, where they were quickly sent to stow the IW gear and stand watches. I'm not sure what the exact relationship was between the IW cell and the staff EWO, but our IW guys didn't seem to do much and it seemed that, in general, folks don't see IW as bringing much to the fight. They were just nice padding for the watch schedule.
My time was spent doing stuff I can't talk much about in the Plans section. Right after 9/11 I was sent TDY to Tampistan, working the CENTCOM IO SIO cell, where I saw some pretty cool things, but really, even at that level, we really didn't bring much to the fight. Probably the most practical and important thing we did was freq deconfliction.
I'd be interested to hear what some current IW folks have to say. One of my buds (a pilot) got dragged out of a nice shore tour flying as an IP for the Air Force and sent to Baghdad for a year. As soon as he got back, he lat transferred to IW. Haven't heard from him since then, so I don't know how he's liking it.
My advice: Take the pilot slot. This is a no-brainer.