I have both and both are great guns.
Beretta a300 UP wins on a few points as does the Benelli.
Benelli m4: (mine is an SBS entry).
Eats EVERYTHING you can put in the chamber. It's been flawless in reliability.
Very fast cycling.
Nearly maintenance free.
Proven design. Can't argue with the combat history.
Huge aftermarket support
Ridiculous resale value.
Cons:
Not threaded for chokes.
Every single part is expensive, like really pricey.
Heavy.
Rough edges, this gun bites me a lot. Not sure why. My M2/Nova/Supernova don't.
The Beretta a300 UP
Roughly half the price of a M4
Feels light in hand. Very nimble gun.
I like the field stock its very natural to me, points well.
Threaded for chokes.
7 plus one from the factory.
MLOK
Pretty set up from the factory for "patrol" use.
Fast and reliable. Has eaten everthing too.
Cons:
Plastic everywhere... mag tube cover, sights, pic rail, sling mount/barrel clamp etc.
Not much aftermarket support (but not much to change).
Aggressive texturing... without gloves it can get painful on a long range day, especially with HOT loads.
Handguard gets hot quick.
Both are rad guns, however, if I had bought the a300 UP first, I doubt I would have ponied up for the Benelli M4... but I got a great deal on it and "had to have it"
You won't go wrong.