Name one? I honestly cannot think of something as felxible in practical uses as the M4.
Bias? You really think an M4 is any better or worse than, say, a Sig 550? A G36? A Daewoo? Or any of the vast variety of 5.56mm rifles out there? Most of which can be fitted with rail handguards now for bolting on all the stuff (I'm making an assumption that that's what you mean by flexible).
But then, so can FALs, G3s, M14s, Galils, and even AKs. If the M4 is your preferance, that's fine, but saying it's the absolute best is going to bring down some debate.
FALs, G3s, and M14s typically feed all manner of JHP and JSP ammunition. MOA accurate? At 600 meters? If you can do that with a box stock M4, good for you.
I wouldn't want to be hit by a 77gr OTM at 600m either
Well, I wouldn't want to be hit in the crotch by a 5-year old with a wiffle bat (again), but that doesn't mean it's the best choice for the battlefield.
I'm not saying a 5.56mm bullet at 600 meters won't ruin your day, but, it depends on how effective you're talking about. At 500 meters, a 62 grain 5.56mm bullet is going 1,600 feet per second, give or take, out of a full (20-24") length tube.
The 77 grain will hold velocity better due to better momentum, but a 77 grain bullet isn't exactly a heavyweight in the world of rifle bullets. In 7.62mm, 175 grain is now preferred for long ranged shooting (military sniper ammunition).
Thus, if you're going to use 5.56mm rifles for your designated marksman project, because, say, they're in the system and that's what you've got, then a 20" barrel, good optic, and the 77 grain bullet is probably your best bet to fit the bill.
Now, if you're going to start from scratch on this, I'd personally prefer a 7.62mm weapon for this role, but that's my army and not yours. Something can be said for ammunition compatibility, but this depends on your logistics.
However, NONE of this has anything to do with this discussion on the applications of short barrel .308 rifles. Just something to consider before this degenerates into an ARFcom style ".308s are stupid, get an M4" thread.