In rifle barrel lengths (18-20"), go with the M193 or M855 (62 gr w/ steel penetrator) out to 200 yards. The M855 stuff will penetrate the old issue steel helmet to 550 meters reliably. The M193 will also do it SOMETIMES.
All other ranges and barrel lengths, use 60 gr hollow points.
You are not going to drop someone at 800m with a M855 instantly but you will create a hole and as such, reduce his will to fight and move on. At 100 yards, you will make a big exit hole and remove the targets ability to live.
The big mistake here is thinking one needs to drop someone instantly at any range. In combat, if you can hit your enemy FIRST, chances are you will win.
The doctrine that prompted the shift to 5.56 was that of the USSR and their 7.62x39 round. The 5.56 will easily out-range it and accuracy is superior with the M16. In CQB, the velocity dependent effects make it far superior to most 7.62x39 rounds.