Nobody, including the military, has any interest in reinstating the draft. The Army exceeded its recruiting goals for both the active force and reserves in 2007; so did the Navy and Marine Corps, while the Air Force exactly met theirs. There was about a 5% shortfall in both the Army and Air National Guard, which have never been filled through the draft.
McCain has never said that we should be prepared to be at war for the next century. What he has said is that (and this is a paraphrase), as long as soldiers aren't in active combat, there is no more reason that we shouldn't be in Iraq for a hundred years than there is for us to have been in Germany for sixty.