No, and I answer from a position of experience (22 years in the RAF). The fact is that National Service in any guise would not work, let alone the 'voluntary' service which is also available in the TA, RAF Reserve etc etc. This might or might not have been a success in the 50s but 18-30 year olds are a lot more savvy about life as a whole and the idea of service doesn't appeal to as many as it did. It does appeal to some though - enough to manage the natural churn though; I'm not sure.
How will it be taken by the regulars? Well, the national service intake will, as someone already said, largely be REMF (Rear Echelon Mother Fxckers) and not suitably trained to deploy anywhere at any time. What this does mean though, is that all the jobs that need to be maintained in the UK (or non-deployed areas around the world) can be backfilled - and this means more regular deployments for the regulars. These REMF jobs will end up being transitioned into reservist jobs and regulars will spend more time away from their families and friends. This has always been a complaint of squaddies in particular (as they deploy most often).
The way a service career is regarded now is stay in long enough to develop the core social skills that are rumoured to be in short supply in civvy street, as well as build a strong trade portfolio. Techies for example are in demand, be it Cyber, aircraft, engineers of all sorts. Once upon a time the pension was the target as it was for me - perhaps wrongly - because getting out at peak recruitability (not a word) could afford you a full and lucrative second career and a bigger pension than the Armed Forces pension.
I'm still more than happy with my time in the RAF. It is still a good opportunity for young people to get a decent trade, some experience of the world and get out before you are threaders with the whole thing - which I still wasn't at the end!
historyhustle.com
