Reliability-wise, the guns are virtually equal.
However, I'd much rather have the Bushmaster, as it uses all standard size parts. Colt's civilian ARs purposely use non-standard parts to make it difficult to use aftermarket parts and to convert to full-auto. Plus, many of Colt's better barrels are only available in a 1:7 twist (which is Mil-Spec because they need to stabilize the extremely long projectiles in the M856 tracer ammo), whereas the Bushmasters come with a 1:9 twist that better suited to the ammo types used by civilians (40gr-75gr). And Colt has been putting cheaper parts in some of its guns, such as plastic buffers. Bushmaster uses a plastic trigger guard, but it isn't rocket science to figure out that the trigger guard isn't an ultra-critical component, and in some respects, it's actually better.
Finally, Bushmaster has excellent customer service, and is very pro-RKBA. Colt's service is poor at best, and their support of RKBA is less than stellar.
Don't get me wrong; I wouldn't have a problem carrying a Colt to defend myself with, but I wouldn't choose to spend my money on (a civilian) one. I'd buy a Colt M16A1 lower in a heartbeat, though. :)
-Troy