How would things change if South Korea's military becomes volunteer-only force?

There are less and less people available for military service each year and the ROK Military is already expecting a large reduction of manpower in the coming years.

By 2030s, the South Korean military will be significantly smaller than it is now (630,000 in active service as of 2014). The military is planning on dealing with this issue by attracting more enlisted (not conscripted) servicemen to bolster ranks, starting a massive mechanization program to increase mobility, and etc.

This made me wonder: how would things change if the ROK Military became a volunteer only force?

1. How would the transition from conscription -> enlistment be like? Would the last 'batch' of conscripts receive special treatment for being the last conscripts? Wouldn't that anger conscripts from previous years who didn't get the same treatment?

2. Would the military be able to attract enough members to maintain a sizable military? What would they have to do?

3. Would the overall 'standard' of military increase as a result?

4. Would being a smaller force be a threat to South Korean security?

5. How would the public's perception of military service change as a result?

Share your opinions!