As I recall, that was a cornerstone of the last presidential election ("don't vote for Bush, he's gonna reinstate the draft").
I think it's a BAD idea.
Our current military is structured to be a volunteer force. Unlike the old days, there's no room for the unwilling, unmotivated, or untrainable. Today's military is more skilled and educated than the past - not a lot of potato peelers. Much of the unskilled work has been outsourced.
In fact, they reject more people mid-enlistment for "unsuitability" than ever before. They don't have the time, energy, or patience needed to shape up those that aren't "with the program".
This is the Pub. Leave common sense at the door.