I'm not a carbine expert, but I've been looking at them for awhile. I believe these are made in the U.S. by IMI (Isreal Military Industries?). I've read a couple of reviews in gun magazines that were quite favorable. They are suppposed to have a little better barrels than the original carbines and are reputed to be a little more accurate (2-3" groups at 100 yards I think). I've looked at a couple of these in stores and they do appear nicely made. They have a metal handguard, which is probably more durable and functional, but doesn't look as authentic. You can always replace it with a wood one if you want. I think IMI might even sell some with these. I believe the receiver is new manufacture, but most of the other parts are new(?) surplus GI parts.
As purely a shooter, this is the one I would pick. For historical interest, I'm tempted to buy a carbine built from all surplus parts (I see these at the local gun shows for around $525). But an M1 Carbine is on my list, and this is certainly one that tempts me.
Doug