Back on the OPs questions;
The M16(nothing) had no forward assist, and un chromed bores
the M16A1 got a forward assist , a compartment in the butt stock for the cleaning kit, chrome bore, and IIRC, some mods to the BCG to slow the cyclic rate (but the BCGs were still interchangeable. At some point, the flash hider changed, too. the lower receiver got the raised area surrounding the mag release button.
The M16A2 got a heavier Barrel, a flash hider/compensator (same as the A1, but with the lower holes omitted) a Brass Deflector (just that little bump on the upper in front of the Forward assist) Improved sights (adjustment for both windage and Elevation on the rear, 4 click square front post) Better Handguards, a slightly longer (3/4"?) butt stock, and a 3 round burst instead of auto. The 3 rd burst sucked, BTW- it was a good idea, but if you feathered off only one or two rounds the next pull of the trigger got only 2 or one rounds- and the trigger pull changed wildly at each of the stops. it also got tighter rifling (1:8?).
I never saw an M16A3, though we were told we'd get 3 per squad. As far as I know, It was the M16A2 with full auto instead of Burst.
The M16A4, I understand to be an M16A3 (FA) with a Detachable carry handle.
I was issued an M16A1 and later an M16A2- the rest is just my recollection.
Edited to Add:
there is a good rundown of the variants here:
http://en.wikipedia.org/wiki/M16_rifle