my understanding was that the M16a3 was the first to have the removable carry handle. However according to wikipedia (because they HAVE to be accurate, right?
) the a3 was an a2 but full auto for special forces and the a4 is 3-round-burst with removable carry handle. Then the a4 issued with a railed forend is the M16a4 MWS (modular weapon system)
What I do know is that the M16 looks just like the M16a1 pictured above but with a three-prong flash hider and also lacking the chrome lining on the bore or chamber and issued without a cleaning kit. The M16a1 incorporated the chrome lining that Stoner called for in the first place and came with a cleaning kit. Both of these originally had 20 round magazines. The a2 has a slightly longer buttstock, different pistol grip, different handguards, updated rear sight, and similar flash hider except the three slots on the very bottom were eliminated to prevent dust from getting kicked up when firing prone. It also has a 3-round burst instead of full auto, and a heavier barrel which increases the weight by about a pound.
beyond that there's loads of variations. Different barrel lengths, gas systems, calibers. You could easily build 100 different combinations and they would all perform differently.