I'm all for it.

That fact is that the armed forces are seriously overstretched at the moment. You may not like the 'lack of choice' but nor do the thousands of people who signed up for domestic duty in the National Guard and have consequently found themselves in Iraq, or the serving soldiers whose commision has expired but are being refused the right to come home. The draft would help to alleviate both these problems.
Another aspect to consider is that one in ten US citizens in Iraq is a private contractor. I have to wonder just how that helps middle-eastern opinions of the USA. Instead of seeing US forces help to rebuild and protect Iraq, it is too easy to see private corporations profiting from the war. Have you wondered why private contractors have become targets? Furthermore, the private armies pay $100k+ to their soldiers. Who do you think is picking up that tab? Ultimately it is the US taxpayer. I'd rather see 3 squaddies for that money.
Finally, it is about time that the politicians' decisions affected their lives. It's too easy to devalue the human cost of war.