Jason linked up this NYT op-ed explaining why re-instating the draft woudl be a really stupid idea:

Renewing the draft would be a blow against the men and women in uniform, a dumbing down of the institution they serve. The United States military exists to win battles, not to test social policy. Enlarging the volunteer force would show our soldiers that Americans recognize their hardship and are willing to pay the bill to help them better protect the nation. My view of the citizen-soldier was altered, but not destroyed, in combat. We cannot all pick up the sword, nor should we be forced to - but we owe our support to those who do.

Very nice point-by-point dissection.