Several 5.56mm SDMs are in service right now. The Army uses the SDM-R, which is an accurized M16 with a match-grade barrel. From what I've seen in pictures most of them have ACOGs mounted on top, but I've seen a few with longer-range optics. The Marines use the very similar SAM-R, typically with a Leupold Mk.4 optic. The Navy SEALs introduced the Mk.12 SPR, which IIRC uses Leupold or Nightforce optics. The SPR has an 18-inch match barrel and intermediate-length gas system. The exact configuration varies by version (Mk.0, Mk.1, etc.). The SPR is apparently used by other SOF units as well as the Marines in limited numbers. Lastly, the SEALs have the "Recon Rifle", which is similar to the SPR but uses a 16-inch barrel. All of these weapons combine the 5.56x45 round, extended-range optics, and accurized components.
5.56x45 ballistics are not too shabby. Punch in the numbers on the JDM ballistics calculator and see for yourselves. The controversy is more centered around whether the cartridge has enough stopping power at the distances required for shots in Afghanistan. It definitely peters off past that point. The design of the current 62grn M855 bullet is a FMJ with steel core. This is ideal for penetrating hard surfaces (i.e. body armor or steel plates), but not ideal for wounding in soft tissue. It tends penetrate very well but leave a relatively narrow wounding channel. The bullet can fragment in soft tissue and cause tremendous damage, but this does not reliably occur below a certain velocity threshold that I can't recall. Many civilians and LEOs use soft-point designs like Hornady TAP for defensive ammunition because of this issue. These designs are prohibited by treaty, so they are a no-go for our forces. Some SOF units and DMs get Mk.262 ammo with 77grn Sierra Match King bullets. These improve the cartridge's reach noticeably.
There are several 7.62mm DM-type rifles out there. The Army has the M110 and the Navy/USMC has the Mk.11; both are based on the KAC SR-25. SOCOM units sometimes use the SCAR Mk.17 with heavy barrel fitted, and the SCAR-based Mk.20 SSR is on order as well. The M14s are being replaced by the SR-25-pattern guns, but I'm sure some are still floating around.