Morale would be extremely low in the ranks and professionalism and efficiency would suffer despite the greater numbers in manpower if it were to return. I believe the military would have to be hurting dramatically for the draft to be reinstated - Moreso than it is hurting now.
These things will not happen overnight, specially with election around the corner.
But with the situation as it is, the military doesn't seem too pleased with Bush. New potential recruits are probably getting put off by the manner in which Bush/Rumsfeld have been deceiving not only the civilians here but the military as well.
We discussed this area a long time ago whether or not we should reinstat a draft. I truly believe that when you leave high school, your ass belongs to 'Uncle Sam' for 24 mos.!!!! When you leave the service you should receive a great G.I. Bill which will see you through college and get you on track to a good life! Let's get all our kids, those in the ghetto and those with the 'silver spoon'! It made a better man out of me.