Perhaps the review ought to start with a long term review of our foreign policy & security objectives? Our priority should be to defend our territory not to put the world to rights. Sure, we should play our part in NATO and whatever joint forces Europe eventually decides to put together, but only as long as there is consensus on action and an equal shouldering of any commitment.
I wonder what condition the armed forces would have been in had we not opted to support America in Iraq? They would have been more than happy to invade without us.