Actually (according to the US Army), the current M-16 runs 8.8 pounds, including a sling and a loaded 30-rd magazine. And while the M-16 has been putting on the pounds over the years, the FAL has been dropping them. My favorite FAL (and it's one I built myself, not an exotic toy ;>) weighs in at about 10 pounds even (including the sling & a loaded 20-rd mag).
For a difference of about 19 ounces, I would personally take the 7.62 FAL over the 5.56 M-16 any day (but that's just my opinion)...
Thanks for the update - I have been out of the Army for a while and forgot that they switched to a heavier barrel on the M-16 since I carried one.
BTW, my personal favorite weapon is a 12 ga. Remington 870 with a composite stock and foregrip and an extended magazine tube. I may not get a lot of range, but 00 buck works very well for up close and personal ;-)