"No, because it uses a more robust and reliable (not to mention cleaner) operating system, reduces the weight, and adds the modular designs so preferred nowadays. Also, it uses HK's design, which is one of the best in the world. If only it used a better cartridge, it'd be perfect. But I'm dreaming, there."
Yeah, you are dreaming there. The fact that the rifle is light weight is not necessarily a good thing. An Infantry weapon shouldn't fall apart in your hands if you have to apply the old "buttstroke to the head" maneuver!
To be fair, the M-16 wasn't the best tool for "bayonet and buttstock" fighting, either. Fact is, such fighting is simply not regarded as frequent enough to warrant consideration.
The last rifle that was actually useful for such fighting was the M-14, which will, like its contemporaries, remain in the past as far as infantry use goes.