psp...
"A quality Thompson in fine condition will cost more than a like condition M16. I doubt you'd be happy with a worn, scared M1A1."
Funny, but I have several "worn, scared (I think you meant "scarred")" M1 Garands and M1 Carbines, and I am VERY HAPPY with them! To me those scars are hard-earned reminders of the battles these fine veterans have been through in the service of our country. I would be ecstatic to have a worn, scarred veteran M1A1 in my collection, preferably in operational condition.
Replies to this thread come, I think, from two perspectives. The first is from those who are looking for a real combat weapon primarily. In that instance, in most circumstances I can imagine, the M-16 would be a hands-down winner. Although for close-in (say, less than 100 yards) the M1A1 could suffice, the wise person with a choice would opt for the M-16.
The other perspective is from the history buff who has an appreciative eye for fine firearms from past wars. That is one of the reasons I prowl gun shops and shows looking for good specimens of older firearms. While I have a few modern, high-tech firearms as self-defense firearms, I also have some older firearms which are fun shooters and reminders of our past.
I do not believe that there is only one right answer to the original question. Just two sides with their own pros and cons. You have certainly provided one side which has a lot of merit.