I can't side with either of the extreme opposing camps: those who want to abolish it totally, or those who'd implement it permanently (to staff various charity "volunteer" social programs).
IMHO, at the present time, the current system of registration without active selection is appropriate. If there were to be any change, I'd agree to having young ladies sign up for the lucky lotto on their 18th birthdays. There are suitable positions for them within the military. Perhaps not front-line combat, but they provide useful service to their nation in time of need as well.
Such as when?
Tuor