The M249 SAW is a powerful weapon, packing some total of 600 rounds that can be devastating if properly used.

Fire Modes: Full-Auto
Effective Range: 300 - 1,000 m
Rate of Fire: 850 rpm
Reload Time: 9.9 seconds
Ammo: 5.56 mm ball
Magazine Capacity: 200 rounds
Weight: 15.16 lbs
One particular use is for suppression fire AKA covering fire AKA firing for effect. This tactic is used to lay down fire on opfor positions or even suspected opfor positions in order for your team to make a move while enemies duck and cover. For effective bullet placement and perhaps even a kill, prone position with iron sights and firing 3-5 round bursts will provide ample accuracy to hit a sighted target. However, standing and even moving while laying cover fire is always helpful in a pinch. I don't recommend using the bipod because it doesn't add enough accuracy to warrant being "stuck" in a position with the bipod down; tracers draw attention and mobility is important to survive if being shot back at.
The SAW is also very useful in CQB, particularly in short distance areas such as hallways and small rooms. Dropping multiple targets without having the burden of reloading is always a pleasure. Also door guarding with a SAW is particularly useful. If an opfor messes with a door you can easily light it up without having to worry too much about ammo usage, whereas a regular rifleman may question the effectiveness of perhaps wasting multiple clips in a door-war.
Also, when teamed up with a rifleman, SAW cover fire can be very useful to cover a hot spot while your teammate reloads.
Remember, don't treat the SAW as a regular rifle. 600 rounds is a vast difference that the 6 clips of 30 (180 total) that rifleman get. Use those extra rounds when stealth is not a factor.