Chain SAW … get it?
They must have had a lot of fun putting this thing together
Click to expand the photos.

Note the M203 grenade flare launcher

[ Above Photos Copyright Ken Lunde. Used with permission. ]
UPDATE: A couple more photos taken by SMGLee:

Click to expand. Photo ⓒ Chen “SMGLee” Lee. Used with permission.

Click to expand. Photo ⓒ Chen “SMGLee” Lee. Used with permission.
From the ASD Network:
The Government of Iraq has requested a possible sale of (80,000) M16A4 5.56MM Rifles, (25,000) M4 5.56MM Carbines, (2,550) M203 40MM Grenade Launchers, spare and repair parts, support equipment, publications and technical data, personnel training and training equipment, contractor engineering and technical support services, and other related elements of logistics support. The estimated cost is $148 million.
The M203 will start being replaced next year. It looks like they will end up in Iraqi service.
The Army Times reports that the H&K developed M320 will being replacing the M203 in February next year.
The Army plans to begin fielding the first of 71,600 new replacement launchers in February for a cost of about $3,500 each, Audette said. Fielding of the M320 will likely be completed by 2015, Audette said.
..
Each M320 will come with a laser range finder and a sophisticated sight that even lets soldiers know if they aren’t holding the launcher right.

M320 with stock and laser range finder sighting system.
The unit weights 3.57 – 3.89 lbs depending on what rifle it is being mounted on.The stock pictured above adds an extra lb bringing the weight up to 4.8 lbs.
Benefits over the M230 are:
- The barrel swings out allowing larger rounds than the M203. Useful for less than lethal rounds.
- Laser range finder and new electronic sight system which also indicates if the launcher is being held incorrectly.
- Double action trigger

M320 mounted under M4.