The M16A2 definitely made a number of improvements to the rifle, but some potential mistakes were made as well. In this video, @SinistralRifleman puts together a select fire build of what he believes the M16A2 should have been and then tests it on the clock.
I've been competing in the action shooting sports since 2002. I believe competition shooting to be an excellent way to build gun handling and marksmanship skills and encourage all gun owners to seek out some form of competition shooting. Anyone can become reasonably good at it if they devote the time and resources to do so. Winning, while nice, need not be your goal; bettering yourself through the pursuit of excellence is something we all can achieve.