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My understanding is that the idea of the M1 Carbine .30 caliber was to give WWII infantry officers something more substantial than a .45cal pistol, but more compact and with a greater capacity than an M1 Garand. It was also given to tankers and paratroopers in WWII due to it's light weight and compactness. Infantry doctrine in WWII held that officers should not be riflemen, but rather directing the maneuvering and fighting of the troops in battle. Therefore the small arms carried by officers (and more senior NCO's) were primarily defensive, albeit in combat conditions.

This would suggest that a .30cal M1 Carbine would make a good home defense gun for engaging multiple attackers or over longer distances (outdoor vs. indoor). It's pretty maneuverable, at least compared to a "full size" (>18" bbl) rifle and has relatively light recoil. There are so many variables with bullet design, weight, propellant power, and gun form factors, that the debate will likely never be over.

When I was 18 I had my heart set on buying a .30 carbine for plinking, but the gun store owner talked me into a used stainless Mini-14. I like it too, but I really would like to buy a .30 carbine. I'd REALLY like a registered M2 carbine in full auto, but financial considerations dictate otherwise.