Sig 556;
Accurate
Reliable -- based on the AK design with some changes to the recoil spring & piston.
Takes AR mags. It comes with Sig mags which are considered to be cr@p in many Sig circles --- and I don't doubt it.
They are heavier than the AR design, and the full length versions, especially so. The Patrol and SWAT Patrol versions have a short piston system and these are somewhat lighter, but not as light as the M4orgery style ARs.
Some people have had problems with the Sig 556's "pencil" barrel.
The Picatinny rail is a separate piece on the 556, and a few rifles have had problems with canted rails.
The folding stock system is not as robust as some people like. Mine---I have never had any of the above problems.
AR-
Many more aftermarket add on options. You can mix-match uppers, lowers, assemble your own guns, many of the holographic sights and red dots work better on the AR and are easier to co-witness in the AR system.
The bad is the Direct Impingement gas system. This means you ...."theoretically" ... have to clean it out thoroughly. Really, though, any rifle should be maintained well, and the DI system in the AR is unfairly maligned. I have heard too many stories of people shooting the *** out of an AR, even dry, and had it just keep on going.
Yes, any platform can have lemons. With ARs the high end at this point seems to be Noveske, Colt, Daniel Defense. These are said to be superfantasmagorically reliable. They are absolutlely the best -- and the price reflects this.
Bushmasters are nice too.
The things to "worry" on the ARs mainly are the gas key, which are often improperly staked on the lesser brands, such as the above mentioned Bushmaster. This can be corrected. Also, the buffer may be wrong in the carbine versions, you may need an "H" or "H2" buffer.
The Sig 556 uses a 1:7 twist barrel which is good for the heavier bullets (longer, really, but longer usually means heavier)
Most ARs seem to have 1:9 twist. Noveske might have 1:7 and Colt. 1:9 barrels work best with 55 grain bullets which are very common.