I might also change the gas piston to a tappet (this can actually be done with existing gas block in place with an insert and a different piston, with the bolt-carrier mounted piston being shortened to where it enters the gas block) and so reduce the amount of weight moving.
That reciprocating weight is part of what gives the AK its legendary reliability, along with the very long stroke. Because the bolt carrier assembly is HEAVY and gets a big running start before it hits the rear of the cartridge to be fed, it is much less affected by mag spring tension, dirt, etc. than a lightweight bolt carrier would be. Momentum is a Good Thing when the receiver is dirty, and that heavy bolt carrier and long stroke also allow the use of that giant crud-busting gas piston without beating the rifle to pieces.
The super-long nose of the bolt carrier also serves as a guide, keeping the bolt carrier from tilting fore-and-aft and jamming on the receiver rails. Check out the following video of a full-auto AK being fired with the dust cover removed:
http://www.youtube.com/watch?v=_sNDTdKQNVU
Look closely and notice how the bolt carrier assembly "floats" rather loosely in the receiver (even bouncing up and down a little), but kept in the proper orientation by the nose and gas piston. That's what allows such large clearances between the bolt carrier rails and the bolt carrier itself; without the cone-in-a-tube guide, the bolt carrier/rail clearances would have to be tighter to prevent excessive tilting, making it more susceptible to being jammed by sand and dirt.
Mr. Kalashnikov knew what he was doing when he designed the AK with a heavy reciprocating mass, long stroke, and large gas piston, IMO.
The Western citizen marksman soldier mindset can't seem to accept the AK for what it is....
A throwaway rifle for a throwaway soldier......
An economical (stamped sheet metal) stone cold reliable (almost unbreakable) combat rifle that is simple to deploy with illiterate troops who will receive neither marksmanship training nor armory support. Said rifle must reliably deliver rounds in full auto. for close quarters guerilla warfare typical of revolutions and insurgencies over a prolonged period of time with no more maintenance than a barrel swab with a torn rag soaked in used motor oil once a week.
That's a common misconception, I think. The AK was not designed for illiterate peasants/revolutionaries/insurgents; it was designed BY a soldier and combat veteran (who happened to be a talented engineer), FOR professional soldiers of the Soviet Army, based on combat experience fighting the Germans in a hard-fought defensive war under extremely adverse conditions. It was only later, after the Soviet Army had been equipped, that AK's were exported to Third World insurgents as part of the Soviet Union's attempts to start brushfires and proxy wars, but that was not what they were originally designed for. The New Soviet Man may not have owned a TV, a car, and a house in the suburbs like his 1950's American counterpart, but illiterate he was not.
I'd point out that regular Soviet Army units and Spetsnaz still use the AK design, and some of them are pretty highly trained indeed.
To the point of the original post---to me, an advanced AK would be an AK evolved in exactly the same ways that the current M4 evolved from the original 1960-ish triangular-handguard, plain-Jane M16. The main developments with the M4 over the original M16 are a shorter barrel, adjustable stock for versatility, and rails for attachment of optics and lights and whatnot.
The AK barrel is already close to M4 length, so an advanced AK could be similar in length to the current rifle, but with lightweight synthetic furniture, an adjustable-length buttstock, a good flash suppressor instead of the accuracy-disturbing AKM slant brake or flame-enhancing AK-74 brake, an Eotech- or Aimpoint-style optic, and the ability to mount a modern tac-light on the forend. That would make the rifle very comparable to an M4, with a significant reliability advantage, IMO.
Is it just me, or is mother Russia HOT!
Only if I can call Anna Kournikova "Mother Russia."
Or
Marina Orlova.
Yes, this is 100% gun-related (and should be work-safe but may raise eyebrows):
http://www.hotforwords.com/2008/06/29/ak-47/
http://www.hotforwords.com/2008/06/30/ak-47-in-russian/