Not me. I'll take a weapon that is light and fast any day. When it starts to get close and personal, I would rather avoid boat anchors at all cost. Go ahead and have a guy or two in your squad with some extended range capability (something that the M16 can be configured to do quite adequately actually, if built right), but you'll want most of your guys using systems that are optimized for killing in the 200 meters and under range.
The most significant negative comment was reference [to] the M-4s range, the Army report stated. In the desert, there were times where soldiers needed to assault a building that may be 500+ meters distant across open terrain. They did not feel the M-4 provided effective fire at that range.