I already have a "pre-California ban" FAL (the much malaigned Century STG58 - which works fine for me), and I plan to get an M1A (I really did buy a bunch of 20-round mags before the ban). At the prices mentioned, I'd have to agree that the M1A is the better choice.
But, with the low cost of FAL parts kits, and the continued legal avaialability of Imbel receivers, I'm considering making my own fixed mag FAL. At $1,200 or more, I'd rather have the M1A, but if I can build one for, say $500, then the fixed mag FAL becomes more tempting. I agree that the FAL looks much more like an assault rifle, and being able to have a 10-shot semi-auto that looks and shoots just like a standard FAL sounds pretty tempting. I don't know what it would take to build one, and you'd want to be very careful to make sure the fixed mag meets legal requirements. Another plus would be that, if the law ever changes here, you could probably convert it back to using standard magazines. I wonder if having the fixed magazine would make it legal to use a flash hider or collapsable stock? Hmm.
Doug