The Sport is a fine rifle and will serve all those purposes.
There's nothing "budget" about the quality of parts for the purposes you listed. Instead, think
configuration.
The two things I read about most are guys wanting to change the Sport's handguard to one that can accommodate attaching accessories, and a front folding sight to remove it from field of view for using a 1x red dot or low power optic. If those things sound like something you're interested in I would suggest considering a rifle in a configuration similar to the M&P 15T. I would not suggest buying a rifle in a configuration you don't want just to save a couple bucks on the purchase, then start buying replacement parts.
Happy AR hunting.
ps. And the rest of you guys... KNOCK OFF THE BICKERING.
I believe that "budget" accurately describes the Sport II. IMHO every part in a S&W Sport II is "budget" because they were chosen to meet the budgeted price point for the production and the sale of the rifle.
People seems to focus on the negative connotations of the word "budget" and seem to take offense to its usage but I think it fits perfectly and here is why. To me in this context "budget" means inexpensive, economical, affordable, low-cost, low-price & bargain. I am in no way calling the Sport II cheaply made which is what I think people are misinterpreting my use of the term to mean. Maybe you can just substitute entry level and people would have less hurt feelings.
The Sport II is a "budget" rifle IMHO because of the following.
The Sport II was designed and spec'd to meet a price point at the bottom of the S&W M&P AR15 lineup. It was designed to be a entry level rifle to compete with other entry level rifles in a $500 to $700 price point. It is not supposed to be on par with guns like DD, BCM, LMT & Noveske etc... They are built to compete with Bushmaster, Aero, Anderson, PSA, Del-ton Wyndham & lower price DPMS etc... It is positioned to be the "budget" or entry level rifle in the S&W lineup. Nothing wrong with that. Most people do not "need" more than the Sport II offers. That does not mean people will not desire, justify and pay for more.
The Sport II offers the most basic, economical and cost effective feature set in order to meet a production and retail "budget". It is using a configuration that had tons of economy of scale already built into it. It is a very basic configuration by today's standard. Nothing wrong with that but it is you know "budget".
They use A2 handguards, M4 grip, GI type single stage trigger, A2 front post, non MPI and HTP tested semi-auto bolt carrier groups, a 1/9 twist barrel which is nitrided not chrome lined, non-1075 buffer tube etc... They did this in order to meet the consumer demand at a particular price point or "budget". Again it is proven solid configuration that will serve many people well but it is pretty basic.
They did not set out to make the best rifle they could design, with no consideration of cost, and then priced it based on the build. They clearly picked a price point and built the best rifle based on the "budget" they chose. There is nothing wrong with that approach. Almost every business uses this approach. Only truly bespoke products don't use a "budget" model to design products.
Only a handful of AR15 makers take the truly bespoke approach because those who really want that have a "budget" which is equal to the bespoke requirements. Different approaches to different markets.
The Sport II has been changed in order to give people some of the things that were missing on the Sport I like the dust cover and the FA. They even added a brand name Magpul rear BUIS but in order to stay within the "budget" they changed other things like the barrel which now has mil spec rifling instead of 5r. IIRC they started this change before the introduction of the Sport II. Again S&W was making decisions with a "budget" in mind.
As I stated before none of these make the Sport II a bad rifle. It simply is what it is. A rifle spec'd and built to compete at the lower end of the AR15 price spectrum and it does that job well. It does it at a "budget" that allows more people access to a quality gun, with some configuration limitations, that will satisfy the requirements of a wide range of buyers. It has great appeal and S&W has done a good job with the rifle.
I guess my point is that calling something "budget" like calling informal target shooting "plinking" is not being derogatory. There is no need to take offense. If you like the setup and it is within your "budget" get one. I agree with ChattanoogaPhil look closely at the configuration because if are going to swap a lot of stuff our you might consider a different base gun like an Areo mid-length 16". $559
OEM MID-LENGTH 16" RIFLE | Brownells