Say what you want about the film, but the novel (a) is not fascist and (b) is not racist (it very well might be species-ist, however, but that's a discussion for another time). I've written a little about this before (in fact this was one of the first things I posted on this blog), but circumstances have inspired me to bring it up again.
I'm going to spoil the book, so if you haven't read it but are just pretending that you have, stop reading now:
First, the book does celebrate the military, but it doesn't gloss over the "chickenshit" parts of military life, nor does it make war out to be anything less than Hell.
Second, the society depicted in the book is not one where you have to serve in the military in order to earn the right to vote. Rather, the vote is earned by entering into Federal Service, only a small portion of which is the military. As for being a militaristic society, the book makes it fairly clear that the Mobile Infantry is looked down upon by most citizens. It is a society that puts a lot of emphasis on civic responsibility.
Third, Juan Rico is not a blond, blue-eyed Aryan (like he is in the movie): he's Filipino, though we don't find this out until the last page. This is part of Heinlein's point, I think: all the non-Western/non-Anglo names for characters in the book are his way of suggesting that creating a functioning multi-cultural society requires something like the Federal Service, i.e. putting time in in order to become a fully-fledged citizen creates a bond among people that, if not stronger than kin and cultural ties, is at least as strong.