I have an ARMS 40 and a Bushmaster flip-up. I like them both. The one thing I do NOT like about the ARMS 40 is that it will not fold down if the small aperture is flipped up. In other words, the sight has two apertures, one with a large hole and one with a smaller hole for more precise shooting. If the small aperture is being used and you try to fold down the sight, you can't; the ring with the larger hole is in the way. This sucks. The Bushy sight does not have this problem.
Other than that, I like the ARMS 40 just fine. It does seem to be the preferred sight on this board.
The Bushy sight is on a carbine with an Aimpoint. When I shoot this rifle I almost always flip the BUIS up. The Bushy sight locks in place; it’s not spring-loaded like the ARMS. Most guys feel the ARMS is quicker to flip up because its spring loaded. Being a fraction of a second quicker to flip up isn’t a big deal if the sight is used in the up position from the get go.
Some guys will argue that if something snags the Bushy sight it might damage the sight or cause other problems. If something snags the ARMS, it will fold down and then just pop back up. This is a nice bonus of the ARMS.
All this said, the next time I need to buy a BUIS, I’ll probably just get another ARMS 40.