The M4 isn't that faulty unless you compare it to the new generation of assault rifles then it's like comparing a P-51 with an F-22 questioning yourself which one goes the fastest...
As everyone said, there are so many reasons as why people generally prefer the M4 over other assault rifles. This reminds me of the trend to love what the majority of people hate and vice versa. Most people like M4's; I hate 'em! Most people hate the XM8; I love it! Then you XM8 lovers group up together and hold together against the majority hating on the XM8 up until alot of people start to like that XM8 then all of a sudden you begin to hate the XM8 and love another rifle the majority doesn't like...