First of all, there was never a National Match spec written for the M16/AR-15 so "NM" is a sales gimmick when it comes to AR sight sets.
Quintin is mostly correct. Usually "NM" sight don't do away with the flippable aperture, but no one actually uses the big one. If you put a hood on your small aperture then you can't use the big one anyway.
Some "NM" rears are very precise, but some are trash, and only a person with a dial indicator or a competitor would really know. I know that all my comp guns have been checked with a dial indicator but I wouldn't just throw a "NM" sight on a comp gun and shoot a match, as it is more of a sales gimmick as I said, when it comes to the big production houses out there (like Bushy, Armalite, RRA, and all the others). The reason for having very precise movements is repeatability. A Highpower competitor will move his sights from the bottom to the top of it's travel at least once per match and will move it up and down quite a bit at least three times per match. You have to know, from day to day, week to week that a certain amount of clicks always puts your first bullt in the center of the x.
You probably don't care to have one as precise as mine, so for you, it doesn't matter. The so-called "NM" rear sights will be an upgrade to the standard sights, but are usually not good enough for a serious competitor at THE National Matches.