The actual difficulties of using this caliber (weight of ammunition and weapon as well as the difficultly of controlling the weapon on full auto) and the analyses from actual combat (especially Vietnam) lead to the dropping of this calibre and the acceptance of the American 5.56mm caliber. The caliber is still in use in NATO for snipers and more widely in non-NATO weapons such as the Kalashnikov AK-47.
The 7.62mm calibre is very powerful, able to penetrate six inches in 'soft' targets with around twice the lethal range of the 5.56mm. Although this brute speed means it can actually cause less damage than the 5.56mm as the bullet passes straight through the body rather than expending it's energy within the target.