First of all, all this stuff is relative. I don't think you can just make a blanket statement that round "X" is ineffective because there are too many variables. Ineffective compared to what is of course the big one. And, of course the question always comes up regarding the use of civilian expanding bullets.
Ok, first of all, the .30 Carbine is approx. equal to a .357 handgun. The stadard US Military ball ammo load is a 110 grain bullet at 1900 fps. I just looked it up in "Cartridges of the World". Ok, you can shoot a 110 grain bullet out of a .357 revolver FASTER than 1900 fps and do it safely with loading data provided by a major powder manufacturer. The only difference is the .357 is doing it with a Larger diameter bullet. So, the statements about the .30 carbine being more effective than any pistol caliber carbine are ridiculous. And this isn't even getting into the MUCH heavier bullet of the .44 mag out of a short rifle. The .30 Carbine isn't even in the same league.
Now, that being said, the .357 mag is considered one of the top defensive handgun rounds out there. So, the .30 Carbine shouldn't be too bad and would certainly be more effective if you were using good bullets. But compared to any rifle, the .30 Carbine again, isn't in the same league. As was mentioned, the .30 Carbine was designed as a substitute for a handgun and it seems to fill that role OK. But, it isn't a substitute for a rifle of any kind. And, it doesn't even make a good substitue for a .357 or .44 mag out of a short rifle.
It is funny how there seems to be trends on the internet like this. When this topic is brought up, people defend the .30 Carbine to the death. They really want to believe in it. Facts and figures won't cause them to waver in their belief. By the same token, people can't wait to be critical of the 5.56 Nato round. They can't wait to tell stories from an E-Mail where some guy they don't knows' cousin's friend met a guy in a bar that told him the cartridge let him down in the Mog. This is puzzling to me when I consider the fact that the 5.56 NATO round is F A R more potent than the .30 Carbine ever will be no matter what bullet you are using in the carbine compared to 5.56 GI Ball ammo. That doesn't even get into the same cartridge loaded with good civilian bullets.