I was just shooting mine today. Its a beat up old Standard Products with a Rockola barrel, arriving here by way of Korea and the good folks at Blue Sky.
Ammo is painfully expensive now. CMP sells Aguila for $155 per 500:
Ammunition Sales
They also have carbines in stock - $419 will get you a rack grade Inland.
http://www.thecmp.org/m1carbine.htm
Count me amongst the "love it" crowd.