Picatinny Stanag Rail
Featured Picatinny Stanag Rail For Sale:
 Leapers Deluxe See Thru Riser with Picatinny Tri Rail Mount and STANAG Dimension US $14.97 
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M249 light machine gun question?
I tried researching this, but I need someone to help me out. Is there a variant of the M249, that is chambered in 5.56mm, has a bipod, telescoping stock, picatinny rails along the feed tray as well as the handguards, and also has the ability to use M16 style STANAG magazines?..I'm under the impression all the modern M249's ruled out the need for box magazine capability to save weight. I looked up the Mk.46, the Para, and the SPW versions, but apparently they all don't have the magazine well..maybe there is some hybrid version that has this, and all these features?
btw..I know that running a M16 mag through a SAW isn't exactly ideal. A former Navy SEAL told me that the 249's bolt can actually disfigure the feed lips on a mag, and in an emergency he would just rather pick up a fallen teammates M4..I am more curious about if there are any variants out there that still have the mag well. I sincerely thank all of you who have responded. It's gonna be tough choosing a best answer.
The M249 I carried this year was set up exactly as you described. The usual hand guard is changed out for a rail system, and the butt stock is swapped for a collapsible one. Some of our guys used a pistol grip on the front, some used the M4 hand guards for the rails. Personally, I didn't care, so I just left them bare. We also swapped out for a short barrel instead of the standard length. You can't see it, but the magazine well is still there as well. With the butt stock collapsed, it made the SAW slightly shorter than an M4 though there's no real change in weight.
Image: http://imgur.com/Y27Li.jpg