I think the Draft is a definate possibility if the occupation of Iraq continues and other serious threats such as Iran need attention. Check out this article from Colorado Rocky Mountain News. It seems the army has been "suggesting" that GIs enlist for another 3 years or else they will get sent to Iraq.
CO RMN It is pretty clear we don't have the troops we need to control Iraq and hunt for Osama. We have completed training of only 5000 or so Iraqi troops in Iraq so far so the brunt of the peacekeeping will continue to rest on the shoulders of the good old USA. Add in the fact that the Brits are planning a slow withrdrawl of their troops as well. Then add a third front (Iran, N. Korea) and we either have to start paying soldiers a lot more and increase recruiting or start some form of a draft.