Had a beautiful .222 Sako re-chambered to .223 in 1968. Since that time i've fired hundreds of thousands of rounds of 5.56mm ammo in my .223 guns: No signs of high pressure-nothing.
If all the myths were true there would be pictures of blown up guns all over the web.
The M16 rifle is a full auto weapon: The longer leade of the 5.56mm chamber is for reliability with dirty ammo. The leade of the 7.62mm chamber is longer than the .308 for the same reason.
Pressure is not the issue. US military 5.56mm ammo is loaded to 52,000-55,000 psi dependng the particular round. See Army TM 43-0001-27; pages 10-3 (M193 ball) and 10-19 (M855 ball).
http://www.hk94.com/hk/topic/26614-...mmunition-data-sheets-for-small-caliber-ammo/