I happened to look at some ballistics tables, and found that the .223 is one of the least powerful rifle rounds around. The muzzle energy is around 1300 ft-lbs., vs 2000-3000 ft-lbs. for most other calibers. Even the AK-47's 7.62x39 does around 1500 ft-lbs, and a .44 Magnum pistol reaches 1000 (though 9mm/.40/.45 tend to do only about 300-500).
Though the .223 is relatively high-velocity, there are faster rounds, such as .220 Swift, which also has a higher muzzle energy. In any case, I don't understand why AR-15's are described as "high-power" when they seem to be one of the lowest-powered rifles around (aside from .22LR).
In light of this, I'm wondering why the .223 was chosen for the AR-15/M-16. Is it the separation properties, low cost, reliability, or some other reasons?