I just got mine recently and have been impressed by it, it is my walkaround lens now. Build quality is very good, as is image quality. It focuses quite close, not a true macro but good enough for a lot of things. Color and bokeh both look very good as well. Given the QC problems of the 16-50, the Sigma is a safe bet at $420. It doesn't have SDM or weather sealing of course, so if those matter to you then the 16-50 might be a better choice.
It is somewhat heavy, but it is lighter and smaller than the Tamron 17-35 f3.5-5.6 that I used to have, even though it is constant 2.8 and has bigger range, go figure. Plus build and image quality are much better (though that Tamron was only about $250 I think).
You can see some images from my Sigma on my DS here:
Zenfolio | Adam Richardson | Sigma 18-50 Macro
I don't think you'll go wrong with it. You might want to wait until more is known about the Tamron 17-50 (I got impatient), but I think they will be in spitting distance of one another.
HTH
Adam