Sign up? Depends on the situation.
As the situation is now, I don't think I'd go. Although the U.S. is without a doubt the strongest military nation on this lousy rock, I think we have a tendancy to use that as an excuse to push people around and dictate policies to other nations. A great deal of that is due to the morons we elect into office. I'm not convinced that Iraq is the "world threat" that Chimpy says he is. I'm not going to get myself killed fighting in a war for what I think is strictly a war for oil.
If concrete proof came out that showed Iraq to be the world threat that the government claims it is, that would be different. This proof would have to be able to be confirmed by other countries first. I don't believe hardly ANYTHING my government tells me anymore. Then, yes, I'd be willing to go. However, knowing how bad my knees and legs are, its unlikely I'd be able to pass the PT tests, but would be willing to operate in some sort of support function, whether its here in the states or somewhere else.
Now, if someone we knocking on our back door and landing troops etc, I'd sign up in a heartbeat, no questions asked. Bad knees or no.