The M96 is a US made post ban 5.56mm rifle that is loosely based on the modular Stoner 63 Weapon system. The Stoner 63 was designed by Gene Stoner with the Cadillac Gage Corporation after he left Colt (while at Colt, the ar-15 had been designed by Stoner). Stoner was a member of Armalite at one time, but he did not create the AR-16 or the AR-18. Armalite designed the AR-18 to compete with AR-15 for military contracts.
As far as the M96, it is a combination of many features of different rifles. It has a Garand style 2 stage trigger, FAL style adjustable gas system, AR style locking lug bolt, quick detach barrel, and uses AR-15 magazines. It is also modular, allowing the rifle to be converted from rifle, to carbine, to bottom feed, to top feed, and possibly some day to a belt feed.
Although the M96 did have some teething problems initially, as any new rifle design will have, it has evolved into a great weapon in it's most current version (known as the "Recon" variant). The Recon has added a shortened gas system with a stainless steel operating rod and a chrome lined barrel and bore. The trigger is very smooth from the factory. It is easy to field strip, easy to clean, and will keep shooting long after you'd expect a rifle to start to have failures from lack of cleaning. I have no complaints with my M96, and would highly recomend it to anyone who can afford it. Many people would rather opt to buy two post ban AR-15's, or an AR-15 and an AR-18 instead. I will never get rid of M96 because I enjoy shooting it more than anything else. I also have a post ban Daewoo DR200 which is more of an AR meets AK type of hybrid, and it is a great weapon also, but lately I am seriously considering selling the Daewoo because I hate wasting ammo in it when I could be shooting the M96 instead. I got lucky and got a good deal on my M96 used, otherwise I propably wouldnt have bought one due to the steep price. I would recomend trying to get a chance to fire one to judge for yourself. It is a bit heavy, but well built. I find the ZM Weapons rifles interesting also, but they also have high price tags (Even higher than the M96).