I've been interested owning another AK variant in 5.56X45mm (.223) ever since I had to get rid of my WASR-3. The WASR-3 was a really cool concept, but poorly constructed. It was a jam-o-matic. I really like the look and feel of AK type rifles in 5.56X45. I would love to have an Arsenal 106FR rifle, but they cost around 1K on the cheap end! I've heard really good things about Saiga .223 rifles, and converting them to appear more like AKM's. The intial cost of the rifle (pre conversion and parts needed to do so) may be around $350. The parts and gunsmithing work may be about $300 more. I'm no gunsmith, nor do I have the equipment to attempt it. I do plan on buying a base model Saiga .223 and having the conversion done by a local gunsmith. However, for those of you who'd like to give it a shot, here is a very informative and extremely well illustrated tutorial that I've come accross.
It's always great to be able to see information like this for do it yourself jobs. I hope this helps those of you who'd like to own an AK type rifle in 5.56 and don't have a grand lying around.