Yep...it was designed specifically for use on a 5.56 AR type rifle, although I've used mine on my 7.62 AR10, with really good results.
When I got the AR10, I was looking for something that was compact, rugged, with decent optics in the 3-4X power range with a reticle suitable for CQB. There are really only three sights/scopes that fit everything I was looking for: The Burris, the British SUSAT and the Elcan Specter. Of the three the Burris is by far and away the most affordable, and actually has some features the other two don't. It's not made as a purpose built sniper scope for precision long range work, but is probably better thought of as spectacularly enhanced, low magnification iron-sights that will help you consistently drill man-sized targets out to 500 yards +, but is still low-powered enough to rapidly pick up targets at close quarters ranges too.