It's a very nice short range lightweight hunter rifle. At distance, it is also very good practice as it's not as sensitive to wind as 22lr and it'll put pressure on having good fundamentals and trigger control. Plus it's a nice way to introduce firearms to kids or females.
I have built one for the wife with a R700 barreled action with the 16" AAC lightweight barrel, accuracy is okay, nothing spectacular but a lot of fun.
For supersonics, best bullet is the newish Speer 150 GDHP, approx 1 MOA at 100y. We've also got a deer couple of years ago with the Barnes blacktip 110gr but the Speer 150 is much cheaper, groups better and has better external ballistics.
For subs, best are the LeHigh 174CE and 194ME (but they need to be loaded very close to the lands) but nowadays I'd say the Hornady 190 Sub-X is a decent performer, much cheaper and easily available. The 190 SubX tends to group better at higher subsonic velocities (1070-1100) but I haven't had the chance to fine tune the load.
I'm waiting for a anTI action with a 12.5" prefit fluted barrel coming this fall, trying to put together a sub 6.5 lbs with scope deer rifle.
Mags can be a bit finicky, I used the MDT plastic ones on my MDT HS3 and they feed fine most of the times, I also use a HS DBM on a Manners UC and the did need a fair amount of tuning with the feed lips.
Best powders for subs in a bolt gun are fast/bulky powders. VV Tinstar is awesome for subs 175gr-200gr. VV N105 is great for heavy subs 200-240gr, especially those HDY 225 BTHP and other long bullets. Trailboss is awesome for subsonics 110-135gr.
Also for subs, in my experience, R 7 1/2 primers were giving me more consistent velocities which is a big deal for long range subs.
Some of my loads for bolt guns only:
Hdy 225 BTHP - 7.5 gr N105 - 2.29 COAL - 1055 FPS SD 6
Lapua 200 FMJBT - 7.0 Tinstar - 2.21 COAL - 1005 FPS SD 10
190 SubX - 7.2 Tinstar - 2.15 COAL - 1040 FPS
SMK 175 - 6.9 gr Tinstar - 2.21 COAL - 1015 FPS SD 7
LeHigh 174CE - 7.3 Tinstar - 2.30 COAL - 1020 FPS
Supersonic:
Speed 150 GDHP - 22.2 AA1680 - 2.20 COAL
Barnes 110 Blacktips - 19.6 H110 - 2.24 COAL
Sierra 125 TMK - 17.2 VV N110 - 2.25 COAL