I got the pistol kit from M1S in 7.62x39 and have been very happy. I worked the bolt carrier a couple of hundred times before firing it to polish up any roughness and make all the parts fit each other nicer and have been having a blast since. I have one of the plastic 10 round mags and other than not having a bolt hold-open follower it works just fine. I have some 30 round metal and plastic mags, but they will only hold about 10 rounds anyway. I'm thinking of just finding some more of the smaller capacity USGI mags and just staying with them. If the mags are not an issue for you, then there is little I can see to dissuade you from this caliber. Other than that it's just not the real-deal, gen-u-wine, original 5.56 thing. I also like that the 7.62 ammo is even cheaper to buy than the 5.56 stuff and I runn Barnaul ammo in it. Runs great, hits the gong at 200 yds and seems fairly clean and reliable.
My only complaint is that I would like to get something like a Phantom for it, but does anybody make a new FH for the 7.62 barrel?