The problem is that the average American is an uneducated militarist, and it will take at least one pointless war with a draft to disabuse him of the RAH-RAH-RAH-*WAR* mindset. If the draft comes back and such a war happens, I’m renouncing my citizenship and leaving the country. I have no interest in dying for the whim of my government and the blithering idiots who elected it. I mean, you’re talking about the same people who elected Dubya Bush. Twice.
This being said, in the long run, it’s a good idea, but implementation will be painful.