If you look at many of the major weapons systems in use by the Army today, i.e. M1 Abrams, M2 Bradley, M109 series tracked howitzer, Apache, Blackhawk, Chinook, etc, these were originally designed in the 1960's and 1970's. And they've been upgraded/modified over the decades. I guess it speaks well of the original designs that they've held up over this many years.
I watched an interview with Jim Sullivan on the History Channel some time ago. He was on the original design team that essentially downsized the AR-10 into the M16, and is a talented engineer with many gun designs to his credit. When talking about the fact that today's infantry is armed with basically the same rifle that his son carried in Vietnam, he called it a "disgrace". I guess the Army's procurement system isn't moving fast enough for his liking.
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