Birth control implant??

Hi ladies! 
My boyfriend and I have decided that we want to start having sex. I am 19, and he's 23; we're both virgins from slightly conservative backgrounds, so pregnancy is absolutely not an option for us. Both he and I are college students, and we'd like a long term birth control method, since we plan on attending and completing graduate school before having kids. I was thinking that the arm implant would be a good choice for my boyfriend and I, but I wanted to hear some other ladies' experiences with the thing before I have it stuck into me! What're the pros and cons? And what side effects have you had? 
Thanks everyone! :)