Well I have and have had both set ups. What I mean is this, I had a Colt 16 inch light weight 1/7 on one of my carbines and still have my other carbine set up with a Colt M4 upper. The Colt 16 inch upper did not match my PWA lower in color and the Colt upper was a large hole so I decided to get rid of it and sold it to a buddy of mine. I shopped around and found a 14.5 inch 1/7 original Colt CAR-15 barrel and put it on a Bushmaster A1 upper.
So I ended up with both a 14.5 inch M4 and a 14.5 inch light weight rifle. I put Vortex flash hiders on both and had them pinned in place. When you put the two side by side and run a few drills with them you discover just how light the light weight is. Every one of my shooting buddies love that rifle over my M4. It can't be more than 6 lbs, maybe less. It balances better and with the overall length of the barrel/flash hider right at 16 inches you can move through cramped quarters easier. My buddy who bought my 16 inch upper is the one who noticed the difference the most. Maybe it is in his head but I don't think so.
If I was to change anything about about how I set these rifles up it would be the flash hider. I did not like the old style Phantom but I do like the new style and would have put that one on my rifles over the Vortex. Or I would put on the BiLock from Gemtech so I could easily attach a suppressor. Both, if permanently attached will give you 16 inches overall.
I personally do not like the look of the 16 inch light weight or the 16 inch M4. They just do not look clean or natural to me. I have not noticed any difference in the accuracy of the 14.5 inch vs. the 16 barreled rifles when being shot side by side.
As far as a post ban set up I would go with anything by KKF
www.kurtskustomfirearms.citymax.com/page/page/29585.htm. His stuff is sweet. And if you have a 14.5 inch barrel he makes flash hiders and muzzle brakes that will give you the appropriate overall length. My buddy who bought my 16 inch barrel ended up putting a Wilson MB on it and it looks nice and works just fine. I like the AK brake on the M4 barrel but not over what KKF has to offer.
If I were in your shoes I would go with the light weight barrel. I would send it to KKF and have him cut it to 14.5 and then install what ever FH/MB you want. You will not be sorry.
Just remember what they say about opinions and ass holes.
Here are some pics of my rifles for you to see what I am talking about.
community.webshots.com/photo/29311300/41323564lqkoTicommunity.webshots.com/photo/29311300/41323505zviuKT