If she is considering not having the divorce and she is the one that brought it up in the first place, then of course, you need to give it time. Marriage is really something that takes years to settle into and is no easy thing. You should also consider not jumping in to a divorce also for the sake of your children.
No time is being wasted here, and you need to stop viewing it as such since it isn't helping matters. When you got married you pledged your life to her....and now to your children. A stable family for the sake of the children is never wasted and every day is a learning experience. I think it is very hard on the family for your life in the military, but it should be making you stronger.
If you truly love your wife and your children, and you want it to not be a waste of time, there has to be the willingness to commit on both sides. Your children are already committed: how about you?