Crispin Burke, Wings over Iraq, has a three part series posted at the Swiss blog Offiziere.ch entitled "America's All-Volunteer Force: The Right Choice, Despite Stress of Two Wars". Part One can be found here, Part Two here, and Part Three here.
BLUF: "In recent weeks, many American writers, such as former Washington Post correspondent Tom Ricks, have advocated some form of national service program, whether military, or a combination of military and civil service. While a national service program is beyond the scope of this document, it's safe to say that America's All-Volunteer Force serves the US best, based on America's social, political, strategic, and military policy. Though the All-Volunteer Force is not without significant flaws, it's the best choice for the United States. Nevertheless, we would be wise to take notes of the limitations of such a force. It's a smaller military, and can be prone to overstretch. It also requires a significant investiture of money and time to grow a well-trained force. Finally, and most importantly, an All-Volunteer Force is often "out of sight and out of mind" for many Americans. Taking steps to rectify this particular issue won't be easy. But it's safe to say that a draft isn't the proper way about it. For now, America's All-Volunteer Force, despite drawbacks and the stress of two wars, is the right force for America's defense."