I'd like to pick up a set of handguards for my new "no ban" carbine. I'm looking at M4's with a small section of rail to mount a vert.grip or a set of Forbus M-33's.  The M4's with the rail would be a cheaper way to go but the M-33's look like a neat idea as well. I'd really love a SIR set up from ARMS but I can't afford that. What other systems/handguards may be on the market that I may have missed?  I'd like something that looks good and is druable and will hold up. Mainly I want to mount a vert. grip right now and maybe a light at a later date.

Have you looked at the YHM 2-piecers or the Surefire M73?  They're both good deals for the money.  

The M73 is around $180 and comes with 3 black (and only black) ladder style rubber rail protectors. It has heat shields and the rails are usually in spec enough so that all the various grips on the market fit. The big issues that people seem to have with them is there are some screws that people worry about working their way out (although I haven't read much of any actual cases of that causing problems) and the fact that the top rail is not the same height as the rail on a flattop upper. Not really a problem unless you are going to try and mount an optic on it which nobody really recommends on a non-FF

The YHMs are around $112. They are a little fatter than the M73s and do not have heat shields, but have large vents for good airflow around the barrel. No rail covers are included (keeps the price down for those who don't plan to use the black ladder panels).  Early units had problems with the rail dimensions being a bit short which caused some problems with some accessories (particularly the TangoDown vert grip) but the problem is supposed to be fixed and all new units are coming out with the updated rail dimensions.

AR15reviews.com has good writeups on both.

And for whatever it's worth (read: nothing) I'm going with the YHMs. I don't need the ladder panels (going green, not black); I don't think the heat shields are a big advantage (using a vert grip, might as well let the air get in their to cool it off); and I don't see a justification for me to spend the extra $65 for the M73s. Their only advantage to me was the better-spec'd rails (wanted to use a TD grip) but that is no longer an issue it seems.

HTH,
Josh

+1