The best AR for the price is probably Bushmaster. Mine is a Bushmaster upper mated to a Colt lower.
Get a barrel with a twist rate of 1 turn in 9 inches for most general use. The 1 turn in 7 inch twist rate of the A2 guns is really too fast. 1 turn in 8 inches is okay for really heavy bullets.
A heavy configuration, fluted barrel will give really good stiffness, better than the issue barrel, without the weight of an all-out heavy barrel.
Make sure the actual rifled portion of the barrel is at least 16". Stay away from shorter barrels with permanently attached compensators to reach the federally mandated 16". .223 really needs at least 16" of barrel to be effective. It only loses 100 fps going from 20" to 15", but loses 300 fps going from 16" to 11.5". Much of the complaints you hear about the ineffectiveness of the caliber in Afghanistan and Iraq are with the 14.5" barrel M4, causing the Marines to go instead to the M16A4, with all the M4 features but with a 20" barrel.
Get a chrome-lined barrel.
Despite the trend towards illuminated dot sights, I really think the basic iron sights are best, and for that reason my own gun has a fixed carry handle. My front sight is an Ashley tritium post. That means elevation adjustment is limited to full turns of 2 MOA each instead of 1/4 turns of 1/2 MOA each, but I still can sight in reasonably well. Many of the illuminated dot sights will distort your visual acuity as you look through them (to the point that I can't even see the 100 yard bullseye that I can hit with iron sights), and a few will also cut light - not what you need at night. I have had problems with Trijicon and C-more. The Leopold CQ/T and Aimpoint are the best models I have seen, but I haven't actually shot with them.
If you do go with illuminated dot sights, get folding front and rear sights to go with it.
I like a Giles sling for serious purposes - the rifle hangs across your chest muzzle-down, and can be quickly raised to the shoulder for shooting. It is very easy to get on and off. A leather military sling might serve you better if your goal is competition.
My AR has a TACMIII light mounted above the barrel, in front of the front sight, with the pressure switch on the forward handgrip. I may at some point switch to a Surefire model built directly into the handguard, but am in no hurry.
I have heard varying opinions of the Thermold magazines, but I have several and they work fine for me. Don't clamp your magazines together - some users have problems with the magazines after doing so regardless of what they are made of.