“The over-all length of the rifle is not what it originally was. The barrel length is shorter, I’m not sure how much, the stock has been made shorter and some variants have a folding stock. And yes you’re correct it’s the 7.62 round. ...”
The original barrel length for the M14 was 22 inches. That did not count the flash suppressor.
There isn’t a whole lot of barrel length that can be given up, if other MIL STD components are to be retained: front sight unit, gas cylinder assembly and piston, plug, operating rod, springs and guides. Even if the front sight has been sacrificed - the likeliest, noting the advent of modular stock systems, MIL STD 1913B rails, and optical sights - that frees up only a little over half an inch.
Very little savings in weight can be realized by shortening the barrel. And it may not mean much in overall package weight, since much of the stiffness in new stocking components is created by extensive use of metal.
Shooting one of these newer ones will not be pleasant. Flash and muzzle blast climb sharply as barrel length shrinks, especially below 18 inches. Not sure how many here have employed the G3 or the BM-59, but doing so is not for the faint of heart.