Clinging to the Hague Convention doesn't include the hollow point issue any more. It's been approved by JAG, developed, fielded, and in use in Afghanistan since last summer. Not all units get it, but it's there. The latest ( overly long ) testing of solid copper bullets with hollow points shows the Army is definitely moving in that direction. Improvements are on the way.
The difficulty of discussing the 5.56 and 7.62 is putting it in terms of VS., when in reality, as most soldiers, know, especially those who command the assets, it's a matter of BOTH being used on the battlefield. One never completely superceded the other, BOTH are used, and often, and are just a part of the total number of weapons available.
Armchair commandos with no experience or knowledge of the actual firepower of an infantry platoon, or even more heavily equipped MP platoon, are the ones ignorantly continuing the debate.
In my MP squad, it wasn't a problem of choosing 5.56 OR 7.62, it was a simple decision of choosing which platform of 9mm, 5.56, 7.62, or 40mm matched the range to the target. You don't choose OR, you choose WHICH.
Being a student of history, delving into the why and wherefore of combat, plus actually training as a combat soldier and working as one, one gets the impact of the reasoning behind the move to a smaller caliber. Wear full battle gear and a basic ammo load for weeks at a time. Qualify on the range, train in MOUT and field ops, train in combined arms operations, learn to train others, work in logistics supporting them, and get a bigger picture.
There is a reason for the decisions experienced warfighters from the German General Staff of the '30's to today continue to use small calibers at the soldier level. The problem isn't the caiber, it's not understanding the big picture.