That depends a lot on qualifications (are we going for accuracy? longevity? cost effectiveness? etc), but for an all around best rifle, I would also say the M14. Superior accuracy and range to the M16 and M1, more durable than many rifles, and a good deal of history to it. It's got a lot of things going for it.
It is relatively effective as both an assault weapon and a sharpshooter weapon (when it needs to be), in addition to its standard mid range applications. All around, a very good rifle.
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