My first AR was an M-Faux purchased during the ban. Since then I've owned various 16" and 14.5" pinned midlength and carbine gas guns, and I recently traded into a '76 SP1.
The SP1 really is a sweet combination of design elements; one that needs to be handled, carried and shot to be fully understood. It is very lightweight, thanks to the pencil barrel and fiberglass furniture. The SP1 is actually lighter than the basic M4 carbine. It is very nimble and swinging it back and forth from one target to another is pure joy. It also happens to be a sweet piece of firearms history that can and should be appreciated for generations to come. Unfortunately, longer barrels are more cumbersome in and around vehicles and buildings. I have not noticed my SP1 to be any more accurate than my carbines, and with a 1:12 twist, it's a 55gr only affair (I don't waste time with superlight varmint loads). Once you start adding on auxiliary components (optics, railed forends, etc.), the modern flat top carbine leaps ahead and becomes the wiser choice.
The SP1 is a buttery smooth shooter with iron sights that (for me) are easy to use and since they are mechanically simple there is little to worry about. The classic look, lightweight and handling characteristics are very refreshing and almost "pure." Also, aside from the bolt carrier and notched hammer, these old guns are excellent examples of "Mil-Spec" from a time when hardly anybody knew what any of those markings actually meant.
This day and age, my "emergency" gun is a 14.5" pinned midlength with a lightweight barrel, free float handguard, a quick detach sling, an Aimpoint micro, flip-up iron sights and a bright white Surefire light. All things combined, it's a bit heavier than the SP1, but it has been my experience that a good red dot and a weapon light offer lots of advantages in the modern world, namely in terms of target identification and speed.