This was discussed some time ago in another thread. There were a lot of differing opinions and a lot of things to consider. Having mulled over it for some time, I'll get started simply by pointing out the different possibilities involved.
My initial reaction to this weapon was that it was ingenious due to the fact that the bullets will have a lot of kinetic energy when compared to momentum. This is good because a low momentum would mean that the weapon will have less of a kickback when fired, yet the bullets will carry a tremendous amount of kinetic energy when compared to modern weapons. And indeed, it's stated in the codex that the biggest limiting factor on Mass Effect weaponry is the recoil it produces.
So, this gives us a starting point for trying to figure them out. Let's assume a Mass Effect assault rifle will have as big a kickback as an M-16. Momentum is calculated by p = m * v, a very simple formula, so for the M-16, we get a bullet momentum of 3.9 kg*m/s, because the bullet is said to weigh around 4 grams and the muzzle velocity is 975 m/s.
However, we could also assume the bullet weighs less then normal bullets due to the decreased size and that thus the velocity would be higher, in order for the momentum to stay the same. Here comes the main problem with 'grain of sand' statement. Just how massive is a grain of sand? Is it one hundredth of a bullet, one thousandth? To give you a demonstration, let's assume one hundredth (this means the bullet now weighs 0.00004 kg). So, we know the momentum, we know the mass, and we need to get the velocity. Just mix up the momentum formula and try it again, this time we get v = p/m, or v = 3.9 / 0.00004, which results in a velocity of 97,500 m/s. You can already see that it's pretty high, no modern weapon even comes close to firing projectiles at those velocities.
But like I said, the interesting thing would be kinetic energy. Because if you fire a 1 gram projectile at 1,000 m/s, it's going to have more kinetic energy then a 1,000 gram projectile at 1 m/s. This because of the kinetic energy formula, which looks like this: ke = m * v^2 * 0.5. Very similar to the momentum formula which was p = m * v, but in the case of kinetic energy, velocity is raised to the power of 2.
So, how much kinetic energy would a Mass Effect assault rifle bullet carry? Just plug in the figures and check: ke = m * v^2 * 0.5 = 0.00004 * 97500^2 * 0.5 = 190,125 Joules, or 190 kilojoules. How does that compare to the kinetic energy of a M-16? Again, ke = m * v^2 * 0.5 = 0.004 * 975^2 * 0.5 = 1,901.25 joules, or 1.9 kilojoules. There's more then just a bit of a difference. If memory serves, modern weaponry that has muzzle energy as high as 190 kilojoules would be high-caliber stuff, like 30mm autocannons and the like. Weapons you mount on vehicles, not people. Weapons used to kill lightly armored vehicles, not people.
However, there are a few more things to point out, so don't stop reading. You might've noticed that the way which we obtained mass in the previous example is pretty arbitrary; we simply assumed it was a hundredth of the mass of a normal bullet. A better way could be to, as Connor suggested, assume the magazine weighs as much as a modern one, and then divide that by the number of bullets the rifles are said to be capable to fire, which would be thousands (so at least 2,000). So, assume the magazine weighs a simple 0.5 kg, which would mean that individual bullets would weigh 0.00025 kg. Of course, ‘thousands’ could be much more then just 2,000, so again, this is nothing final, just something to give you a sense of direction.
So let's redo the momentum figures in order to get a new velocity: v = p / m = 3.9 / 0.00025 = 15,600 m/s. And then get the new kinetic energy: ke = m * v^2 * 0.5 = 0.00025 * 15600^2 * 0.5 = 30,420 Joules, or roughly 30 kilojoules. So you see, these things do definitely seem much more powerful then normal rifles, or even .50 cals for that matter, at least when it comes to kinetic energy. Yet they retain the same kickback as that of a normal modern assault rifle. So on a purely theoretical basis, these things are dandy as hell.
However, having played the game, there are a few contradictions. In the game for instance, you do see a number of people getting shot by these things, unarmored and unshielded, and they don't explode, like they should. Though, naturally this could just be a game-engine limitation. Or it could be that the weapons used were less powerful then normal ones. Or that they can be set on variable velocities, thus making them less lethal in situations where such is preferred.
But, if we do go ahead and assume there is a definite contradiction between the theoretical and the displayed effects. Then there is one explanation I could offer that would reconcile the differences, namely that the slugs aren't less massive then normal bullets, just smaller. Mass Effect technology, according to the codex, can be used to create highly dense materials; maybe such is the case here? But then we'd be talking about someone lugging around an 8 kilogram magazine, which is rather heavy. But again, Mass Effect technology could be used to explain the problem, as it does give the user the option of lightening the mass of the magazine. Indeed mass accelerator weaponry is said to suspend the bullets in a mass-lightening field, though if this is when they’re in magazine form or already in the barrel is a question.
Those are my ten cents on the issue. Note that I'm a bit pressed for time here, so I didn't have time to double-check the numbers. Speak up if you notice something funky.