Now CMMG has the "Bolt Hold Open on last round", I feel they have finally reached "full function" (BHO has been missing in all the conversions and .22 AR uppers till CMMG recently) .22 uppers. Their prices are also much more attractive than many of the higher priced uppers which lack such function. I'll be considering a CMMG upper next year (we already have 15-22, and a 5.56 AR). I applaud S&W for bringing full function to the .22 AR world, and now CMMG for getting there with the conversions. IMHO these are the 2 best .22 AR choices to consider.
15-22
+ light. A plus in my book, but I can see others might prefer it weighed the same as their center fire AR.
+ If you want a quad rail, it comes with one. If you don't then this is a minus, as it will take custom parts (available from forum members here) to get to a std hand guard.
+ I like the S&W mags, YMMV.
+ S&W customer service. I've always gotten great service from them. YMMV.
CMMG
+ If you don't want a quad rail, this is a standard upper, with delta ring, ... so all AR "front furniture" fits, you just to buy it.
+ Uses almost standard "Black Dog" style mags. I say almost as there is a mod needed for the BHO. Some people seem to really like these mags (same mag on our Sig 522, but they are not my favorite).
+ Made (mostly) from std AR parts. So all small details are truly AR. Such as trigger guard. The 15-22 has molded in trigger guard that can not be replaced. CMMG/AR lower has replaceable (flip down on std) trigger guard. Big deal? No, but there are a few tiny details like this that some people care about.
+ Except for the small number of CMMG specific parts (collar, ..) all parts are AR parts, so you can buy them "everywhere".
I think if you get the 15-22, you will really like it. I don't have a CMMG upper (yet

), but they are getting pretty good reviews also. Either will be fun. An afternoon shooting 200 rounds .223 cost about $60, the same 200 rds in .22 cost less than $6.

But it's a rare day the 15-22 goes to the range and eats less than 300 rds.