I love my NM M1A, but if I were going for a compact .308 as opposed to a 14 pound tack driver, I would get one of the new Kel-Tec RFBs. Smaller than a SOCOM, lighter, and with a much longer barrel and less muzzle blast. You have to like bullpups and it is not as pretty, but mags are cheaper and more available. It is totally ambidextrous.
The M14 is a fine rifle, but ultimately, it is a spiffed up Garand, which is a 070+ year-old design. It shows, and an honest examination of practicality will show it to be far from the most practical .308 battle rifle. It is fun and quite good, but it is not the best, expecially at the prices most dealers want.