I am of the belief that it is a great rifle that happens to still be in use. Better than the FALs that I have had, anyways. The M14 still will not be completely phased out by the new Knight rifle, and it will still see continued use in some circles.
As far as new M14's...SEI is sending over quite a few that have his crazy horse mods...SEALS are ordering SOCOM stocks, as well as Marines and other units, as well as new optics... sounds like something they aren't going to use for too long I guess!
http://i48.photobucket.com/albums/f2.../11CH004_1.jpg