I have mix feelings about this. Having been drafted in the military myself, i would have to say that its a healthy experience, as long as it doesn´t prolong for a long time. I guess it depends on the nature of each individual nation. In the US, being a highly militarized society, i guess the next thing to do is institute the draft to avoid ending with a military entirely composed of lower and mid class troops. Why should the rich get away without serving?
What happens is, i think only those who volunteer should get to be sent into overseas conflict, as forcing someone to fight is dead wrong. But then again, the draft system makes sure the nation always has a reserve force, with some training to face any given crisis that arises.
If the question is "should draft be reinstated" just to fight in Iraq in offensive war, i would say no. But if the draft is meant to be used as a reserve force for any defensive war, then yes, by all means.
The military service tends to create patriots, where before there were none. After serving, a guy feels his blood boiling in patriotic fervor, that no other service or atitude can equal. But then there are dangers, aren´t there? No one wants to be a mindless bot under some fanatic´s boot, so i guess we need to find a middle term. Like i said, mixed feelings...

If you ask me wether the draft WILL be reinstated, then i would say yes. Given Bush´s recent policies and all, the draft is the next logic thing.
Depends on he winning the elections or not.

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"Quincitilius Varus, give me back my legions!"
Emperor Augustus of Rome.