I think I am going to purchase a Colt Sporter Lightweight (R6530).223!  Serial # SL012xxx, 16", 1/7 twist, flash but no lug.  Any pros or cons on this carbine?

Congrats on the decision.  Any number of opinions could be given here, but I'll give ya mine.  Thumbs up for it being Colt, pre-ban, and carbine.  My personal preference is a heavier 16" barrel, however.  As you accrue uppers you have infinite flexibility.  Just hope you're not getin' bent over by "Guns Galore" in Fenton.  I have to say they have it all- just usually way over price and they treat you like dirt.  Jump in, have fun, and be safe!

I have one and enjoy shooting it very much...

The light weight barrel makes it a really handy manuverable weapon that is a lot of fun to shoot

Always some a**hole to dig up something possibly negative.

Be prepared to shoot heavy (long) bullets.