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Just because I'm argumentative I'll throw in a third option:
The AK47 is the better design and fires a more effective cartridge. Its accuracy shortcomings are due to manufacturing tolerances of ammo and weapons and poor sights. A Finnish Valmet "AK47" firing commercially loaded ammo is the best of both worlds with the reliability/effectiveness of an AK and the accuracy of a GI M16 (or better). Just like the rebuilt Mosin Nagants that became top-notch Finnish M39 battle rifles.
I own a 1953 Type-1 AK with milled receiver which is well-built but the sights are still crap. A Valmet with peep sights is a whole 'nuther world.
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