Michael Whitney predicts that there will be a draft, and that it will be precipitated by a massive attack on US soil.
It's not entirely clear whether he just thinks there will be one or if he suspects that the Bush administration will arrange for one (or perhaps will tacitly let it occur, as many conspiracy theorists say FDR did with Pearl Harbor) in order to get us to send more troops to the Middle East.
I have a feeling that before we have a draft, the topic of tactical nukes would come up - e.g., if we didn't have enough troops to take, say, Teheran, then we'd just level it with nukes with everyone inside.
Given an option between the draft and genocide, I'd say that genocide would be more likely to win.
That is all.