Depends...
Winchester Q3131 IS labeled as 5.56 mm so it should be just like M193 Ball. Its even boat-tailed and the bullet base looks just like mil over-runs.
OTH, brands like PMC, Sampson Hirtenberger and even possibly IMI may not be the same as good old M193.
As far as terminal ballistics, when fired from full length barrels,its very lethal to 300 yards. The temporary and permanent wound channels surpass most FMJ 7.62 x 51 NATO rounds, the only notable is a German made, steel jacketed round that does the same split at cannelure and fall to pieces.
If you still think its a wimpy round, try hitting a basketball at 300 yards with any battle rifle under enemy fire. The hit rate is where the kill is made, not by how big of a hole it makes. I know most soldiers can almost double the rate of aimed fire when using the M16 over the M14 or Garand. There are very few soldiers that could make the FA effective with the M14, bipod included.