The M416 is not just a gun in Combat Arms and Battlefield. It is the future, being probably the most reliability to date. http://www.youtube.com/watch?v=BMlOZxesxks
The title tells exactly why the AK design is so admired, it is reliable. Give a hundred idiots that never handled a gun before an AK design weapon and they can't **** it up unless they are incredibly determined to do so. It isn't overly accurate, it doesn't shoot faster, it is just more reliable and harder to **** up. The AK design isn't relegated only to the AK47, but is also found in the AK74, the Dragunov and a fairly well known shotgun thats name slips my mind at the moment.
Good. I always disliked the AK-47. As far as I know, the AK-47 is only good in reliability. If you actually need a gun that tough, sorry, but you shouldn't even touch a gun. The HK-416 is more reliable, better looking, better sounding, and it's a freakin' full-auto. Props to Germany.
I also don't see what has everyone so happy about the AK-47. It's an old gun and way outdated. Sure it's reliable but now many guns are made very reliable. The only other thing it might have people going for it is nostalgia.