As a former Marine and a current infantryman in the Nat Guard, I'm gonna weigh in on this. The title of this thread is Why is the military using small calibers?
When I am suited up in full battle rattle with a helmet, vest, camelbak, grenades, a 40 lbs pack loaded with mre's, extra acu's, underwear, 2 quart canteen, poncho, poncho liner, night vision device, hygiene kit, and gortex and the patrol part of my sleeping bag depending on weather, I am pretty weighed down. Being that I'm an assistant gunner for the M240B, I also carry an extra barrel, tripod and about 400 rounds of 7.62. You can add about another 50+ lbs for that. Line squads carry extra 203 ammo, frag grenades, and batteries for radios.
I'm weighed down as it is. I couldn't imagine carrying a heavier rifle and the same amount of ammo in 7.62 for my battle rifle with infared laser, optic, and flashlight. We have machine gunners and designated marksman if 7.62mm is required. The 5.56mm is more than adequate for ranges up to 300 yards.
The troops of yesterday never carried that much crap. They had no ballistic armor and did not carry all that ammo for their rifles. If you watch old footage, they didn't even have packs on.
With that being said, I would still prefer my M4 vs an M14 or other rifle in a **** hits the Fan scenario. I currently have an M4orgery and 18 30 round mags on a chest rig. The rig is heavy. I couldn't imagine carrying that much ammo in 7.62. Possible of course, but I wouldn't be as mobile. Imagine this scenario. I am behind cover and the enemy is advancing. The enemy could be foreign soldiers, police or what have you. Take your pick. It doesn't matter. I would much rather have 5.56mm vs. 7.62 mm. I could put more rounds downrange to keep the enemy from advancing or flanking me while I move back from cover to cover. I can put more rounds downrange without recoil taking me off target. I would be deadlier being that I can actually hit what I aim at. With a 7.62 I would be able to hit, but I'd be much slower due to recoil taking me off target and adrenaline dump and heavy breathing. I would be able to hit 2 to 3 more advancing enemy in the same time that it would take me to hit 1 in 7.62. My extra speed, hit ratio, and mobility could be the difference between life and death.
With that being said, I have yet to meet someone who will tell me that they'd rather get hit with a 5.56mm vs 7.62. A 5.56 that hits and fragments or expands depending on the ammo that you are using is going to be taken out of the fight. The 5.56mm actually causes more shock in the chest cavity when it expands or fragments than a high powered .308 or 7.62. Even if the 5.56 does not expand or fragment, a high powered 22cal would be the result. If I got shot with a 22lr revolver while running from cover to cover, my fight would be over either immediately of later.