I figured I'd add my two cents...
I have an Arsenal SLR-106F (with the side-folding AK-100 series stock) that I've owned for a year and change now. I recently ran it through a Vickers AK operator course, and had very good results with it.
A few thoughts, in a semi-organized fashion:
-- The recoil is quite mild compared to the 7.62 "original recipe", and ammo is arguably pretty easy to come by. The barrel is 1/7 twist, chrome-lined, cold-hammer forged, which is what you would expect from a good M4 type. The muzzle brake smooths the already easy recoil even further (but doesn't do much for flash when shooting full powered 5.56). It is exceedingly accurate if you do your part...probably moreso than the 7.62 version.
-- Larry Vickers says to get a Galil or Valmet if you want a 5.56 AK, and with some justification. The 5.56 cartridge is much straighter and less tapered than either 7.62x39 or 5.45x39, and requires a decent feed ramp to chamber reliably. Early Arsenals (mine included) had no feed ramp to speak of. Mine failed to feed properly as a result. It took a trip back to Arsenal and a subsequent tune-up trip to VA Arms to get my feed ramp in 100% shape. After that, it's been 100% reliable.
-- Mags aren't exactly cheap for 5.56 AKs. If you're running an Arsenal (and that's the only one you should consider really for a 5.56 gun) you'll need to grab some Bulgarian Circle 10 mags from k-var.com or whoever happens to have them locally. You're looking at ~ $30 per mag on average. The black mags are the way to go for reliability. The clear ones look really cool and have the added advantage of a quick visual on your round count, but aren't as durable. Some of mine have developed cracks...I intend to run them until failure and replace with black mags.
-- You mentioned that you want to reload. I've noticed that my 106 tends to ding and deform brass in one way or another, probably due to the feed geometry. Parts are also rather hard to come by... I have no spare firing pins or extractors on hand for the 106 at the moment, though I'm told that k-var has them if you call.
All that said, I'm holding onto my 106. Once I gutted it out through the feeding issues, it's been a 100% reliable gun, and it's a lot of fun. Having had time to wring it out, I'd trust it just as much as my BCM if I had to grab up a personal long gun to take into harm's way. As long as you're cognizant of the ups and downs of the 5.56 guns and know what you're getting into, they can be quite nice.
I have far more guns than I realistically need, but far less than I want. - NongShim
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