Indeed, all military after action reports are with military ammo, ball versus ball. It is the unique behavior of 5.56x45 ball (fracturing at the canneleur) that made it 11% more lethal than the 7.62x51mm during the Vietnam conflict - which was admittedly an environment that played to the M16 strengths, i.e. close contact and meeting engagements.
All spitzer type ball ammo behaves in a similar fashion when it transits media (strikes tissue, for example). It tends to flip over and exit base first if penetration is through and through. M193 and M855 5.56x45 does start this flip, but tends to fracture (when velocity is over about 2400 fps) and break into pieces, which accounts for its higher lethality at optimum ranges (about 150m with M4 type rifles)
Round nosed bullets like those used in pistols and the M1 carbine don.t exhibit this behavior.
Once you add expanding ammo to the mix, it's a very different game, but 5.56x45 with expanding ammo can still wreak a lot of havoc. The slightly larger diameter of the 30 carbine bullet, and slightly heavier weight still have to contend with the higher energy of the 5.56.
The typical 110gn soft point 30 carbine round will have around 950 ft-lbs of energy. A similar 223/5.56 load will offer around 1300 ft-lbs, about a 25% energy gain. Many deer are taken in this state by the 223.
The 30 carbine does have an advantage over pistol caliber carbines, but as noted, there's a reason it hasn't been popular outside of limited military applications - and its civilian popularity has waned substantially since cheap military ammo is no longer available. The M1 carbine was designed as what we now call a PDW. A better comparison is against the FN P-90 and the 5.7x28. I that role, the M1 is a superior solution except in the case of armor penetration.
)...but surprisingly no manufacturer has made one that is reliable, moderately sized, and not grossly overpriced. 
