Well officers aren't getting fragged for the most part nowadays, and you don't have half a million AWOL soldiers like you did in Vietnam. I think altogether a volunteer army is a better system if you can afford to implement it.
On the other hand, I would like to see some mandatory volunteer requirement for our nations youth, but I think the US military should only be one option for fulfilling that requirement. So while a draftee force is generally bad for military morale, it is great for American morale in that brings everyone together forces us to understand what it is to be an American in the first place.