Welcome to the club.
And you're right, there are probably thousands of varieties of ARs out there.
MY (empahsis on MY) opinion for you is to do what I did for my first and only AR as of now. (Of course I have more in the works; you should see my spreadsheet of future plans..
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I spent too many hours on here asking dumb stupid questions (THE chart, feed ramps, lower receiver mfg's) and I came to this conclusion:
The best bang for my buck was to build a rifle from a variety of different makers. My current rig is a complete carbine Stag lower mated to a Bravo Co. Mfg. 16' Mid length gas system upper with LMT M16 BCG. It has the standard FSB and a Troy BUIS. It cost at the time (and the prices now are starting to converge to what I paid) $925.
I came to this conclusion because I priced out future options like rails and flip up fronts and such and it turned out that the reputation of BCM was almost equal to that of Colt at the time and by going bare bones now I can truly customize later on.
About price difference: yes, in most people's opinion the Colt is a better weapon due to the actual build quality (although may not be as pretty) and reputation. Colts are tools is what the Colt crew will tell you and they're right. Those fuckers run.
Like I said these are MY opinions and if you are looking for a complete railed rifle then you must decide based on the fact that the Colt is a Colt and is a 1 in 7" twist, while the M&P is 1 in 9". This will SLIGHTLY effect what bullet weights you may fire (see ammo FAQ for that), and of course, your budget.
BUT if you want a high quality rifle for a little cheaper, building one up is a good option. Go with a quality lower with a rollmark you like, get a very good upper receiver group and get to customizing with rails and such.
Reminder, if you don't feel comfortable or don't have the tools or time to put on rails and anything, ADCO is the way to go. They charge a reasonable fee for top notch work and quick turn around times.
Just remember, do not buy a rifle because it has SOME options you want but some you don't. There are way too many options in the AR world to settle. Just take your time, ask dumb questions get noobflamed and go shooting.