Not of the army but of individual officers.
A lot of officers may decide not to re-commit when their deployments are up.
To be fair, the evidence in this article is entirely anecdotal, and I remember hearing a report that while enlistments were down, re-enlistments were up (although I forget where).
But if it turns out that people are not re-enlisting because they wish to avoid re-deployment at the same time as recruitments are down, that is not good news. Not at all. Even if you are anti-war, this is more likely, in my opinion, to lead to either a draft or to increasing brutality (i.e., so that fewer soldiers can keep order) than it is to a withdrawal from Iraq.
That is all.