OK, I'm not going to tell you what I've read, heard, think, or believe, I'm only going to tell you what I know based on my personal first hand experience, with 5 different AR15 rifles...
All rifles are RRA or Bushmaster, 1:9 twist, with barrels ranging from 14.5" - 16". None are HBAR, although two were fluted HBAR, two were M4 profile, and one is a Bushy Superlight... 3 were carbines, 2 were mid-lengths. No match rifles, no match triggers, just good name brand quality rifles.
Ammo was GA Arms "canned heat" 55g fmj.
Shooting was done on "English" range in Ft. Benning GA on a summer day with little if any wind. Target was a steel human sillouette hanging at 500 meters.
With iron sights, hits with the 14.5" and 16" ARs ranged from 4 of 10 to 8 of ten with performance based SOLELY on the shooter. Barrel length didn't matter, shooter did. When we swapped rifles, hits stayed fairly consistent with the same shooter regardless of the rifle. One 16" fluted HBAR mid-length has an ACOG (TA01) and it was capable of 9 of 10 hits maximum, and nobody got less than 6 of 10 with the 4x scope.
I have fired a fellow ARFCOM member's M4 with a TA01 NSN using 77gr black hills, and I can say that the impact seemed stronger on the target, but 55gr worked for us having fun.
FYI 5.56 does not go subsonic "just past" 500 meters.