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While I think a stint of military service might do kids some good, and it probably would have benefited someone like myself (although I did a few years as a firefighter with CDF, which is sorta kinda almost paramilitary), I have concerns with implementing it in this country.
Face it: the US armed forces have been reduced to the duty of enforcers of policies which are primarily economically driven. Junior takes a bullet, Halliburton's up a quarter of a point and everyone's happy - well, except for Junior's family.
The corporate officers of Bechtel, Chevron, Halliburton, etc can't even stand up straight because of the wood they're sportin' at the thought of a draft.
Of course, the offspring of families like the Cheneys and the Bushes would end up with some deferrment or another; that's pretty much a given.
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"You go to the track with the Porsche you have, not the Porsche you wish you had."
'03 E46 M3
'57 356A
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