Re: So, is there any real penalty.........
For some the consequences dictates their actions, and basically that is the question on the table here. Is there a legally binding consequence for lying about military service? No. The Stolen Valor Law relates to the wearing or misrepresentation of medals, not military service. That is one of the reasons we keep seeing posers out there in all parts of society, as there are no real consequences other than being outed as the liars they are.
I'm no attorney or legal expert in any legal way, but there may still be other legal consequences out there for those that misrepresent themselves as a veteran for personal or political gain, other than basic censure hearings for the politicians. Isn't it illegal to knowingly lie about a product or company's capabilities? My layman self would like to think it would be in the same category, but I have no idea either way. If it isn't, it should be.
I will say it is a lot of fun to punk out a poser when they're in the middle of a feeble attempt to hook up with a girl though...