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The M14 was NEVER that great. It wasn't even in full service that long.
Heavy, lousy ergonomics for a combat rifle, and the FA feature was worthless. Magazine changes are slow and clumsy and the M16 is proving itself capable of better accuracy at actual combat ranges (300m and less). The m16/M4 is proving itself to be more versatile than the M14 could ever be.

It's only saving feature was the more potent 7.62, which would be negated in a 5.56mm carbine variant.

The opposite side of the coin is something like the Knights or Armalite 7.62mm based on the AR platform, which has a lot of fans.

I sold my M1A after 6 months, as it never lived up to more than a long-range target shooting semi-auto.

That's my story and I'm sticking with it.