The happiest country on the planet is Finland, which is even more gung-ho about conscription than Sweden. The nordic countries, Israel, and Switzerland all have conscription and are also all in the top 10 happiest countries. (Side note: I think it'd be dangerous to abolish conscription in Finland. The Finns might get so over-happy that they start talking to strangers at bus stops and doing other things signifying that the end is near.)
As far as the quality of the soldiers, I will give you that there are many countries where poorly trained conscripts are of very low quality.
But as far as the nordic countries go, I'd say that the conscript soldiers in general are motivated and perform well in combat.
Swedish UN troops composed of conscript soldiers who later volunteer for a 6 month UN mission have performed very well compared to "professional" UN troops from other countries. For instance, read up on "shootbat" (BA01) in Bosnia 1993-1994.
I have heard many stories from Swedish ex-UN soldiers about how the Swedish battalions can solve pretty much any problem in the field since they are composed of people who work as auto mechanics, heavy equipment operators, electricians, civil engineers, computer programmers, etc in their civilian lives. At the same time, the "professional" soldiers from other countries get stuck as soon as there's a problem just a little bit outside of their army training.