I think it boils down to accuracy vs reliability. If you want accuracy the M-16 is the way to go.
If you want to spray and pray, get yourself an AK-47.
AK 47's are pretty accurate at close range. 100 to 200 yards out.
You can get a AK variant in 223 that is pretty accurate even further out.
As mentioned, I've never handled either weapon. But I've never like the M-16. I don't like the way it looks and everything I've read, heard, and seen in tv documentaries about it confirms my dislike -- especially its comparatively delicate nature and tendency to malfunction if not kept meticulously clean. That is a big turn-off where a battlefield weapon is concerned.
On the other hand I think the AK-47 is a good-looking piece. And everything I've read and heard about it says it's every bit as good as it looks and then some. What concerns me is the cost factor. I understand the M-16 costs almost three times as much as the AK to produce, yet it falls far short of the AK on the battlefield in terms of simple reliability -- which is by far the most important consideration under typical field conditions.
While the bloated military budget is always a concern the comparison of the M-16 vs the AK-47 seems a far more significant issue today than ever before. Not only does the much greater cost of the M-16 seem smugly wasteful, I'm a little pissed off at the fact that a lot of GIs lost their lives because of the inferior performance of early versions of the M-16.
Although the design of the M-16 has been improved my understanding is the weapon still is not as reliable as the AK, an extremely important consideration which is arrogantly ignored by the Pentagon.
I will appreciate knowing what others think of this.