The 120 mm L12 tank gun on the Chieftain tank was designed in the 1950's to fire two primary natures of ammuntion - the Armour Piercing Discarding Sabot (APDS) and High Explosive Squash-Head (HESH), both of which require spin stabilization (ie: spin imparted by barrel rifling) for stability and accuracy. The 120 mm M256 gun of the M1A1 was designed a good 20 years later to fire different natures of ammunition, the new Armor Piercing Fin Stabilized Discarding Sabot (APFSDS) and High Explosive Anti-Tank - Fin-Stabilized, Multi-Purpose (HEAT-FS-MP) that as the names imply are stabilized in flight by fins like an arrow. Spin stabilization imparted by barrel rifling would impair the performance of these types of ammunition.
It isn't a question of better, but rather of changing technology and different national priorities and doctrine.
The rifled gives more accurate shots, how ever for pure hit power- it's the smooth.
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