After reading all these replies, it seems there are three camps. .308 M-14, AK-47 7.62x39 and M-16 .223. All have merit. Rifles seem to be divided into Valmet/AK verses M-14/Fn-Fal verses M-16 .223.
I have seen no mention of the rifle that takes the Valmet/AK action and the .223 or .308 caliber, The Israeli Galil. Excellent rifle. I played with a couple while I was in the Marine Corps. Shot as well as my M-14 out to 500 yards and was as reliable as an AK. It certainly has been battle tested. Any thoughts?