It's a shortened .30-06, which was developed to cycle faster in automatic rifles, and to allow the use of shorter bolt actions.
I prefer the '.06, but it's about obsolete in combat arms.
No it isn't. A chamber designed for 7.62X51 will handle a .308 fine. The converse is not true. My .308 bolt guns require real .308 made by Federal or Winchester. A 7.62X51 will not settle into the chamber. You haved lived (or nearly died) until you have a 7.62X51 NATO do a slam fire as you push the bolt forward.
Hey, hey, hey; gimme a ping before you start dissecting my lineage.
~~~My Class III (full-auto, silenced) AR-10 (& AR-15 w/50-round drum mags) weapons are legion. If you ever get out here to York County, PA, and can stop by for a while, you'll have some fun. Not to mention my new Barrett M82A1 .50cal BMG! Reach out and touch someone.~~~