Having Been in the Military I have heard arguments for both. I think that there are valid arguments for both. As for femalesin the Military in general that is no problem. I have worked with females who are just as (if not more) hard charging as all the males.
As to the combat issue I think they still have a choice. However the risks for mental abuse and physical abuse (read rape) is a lot higher. Also its a proven fact that the physical development of females and males are different, and males are physicaly stronger (on average) then women. No sexism here, just basic bio.
Now for the political issues. If I was given a choice between fighting next to a male that was drafted and who does not want to be there and a female who chose to be there then I would take the female any day of the week. Also the feminists that are in the street demaing equal treatement IMHO do not want true equality, just a reverse of what was happening several, 10 years ago, descrimination againt males (this is all personal opinion and from what I have watched on the political shows). What I dream of is a world that is both blind to color, and sex.
This may sound bad but a line from "The Hackers Manifesto" says it best. "We live in a world without skin color [, sexual bias,] with out nationality, with out religious bias"
If you want equality you have to have it whole, it can not be peacemeal, other wise its just another form of descrimination (That goes for all "we want to be equal groups")