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It has been 20 years since I had a 223 and much has changed in ammunition for the 223. I will be shooting a Savage short bolt action. My primary purpose is coyote hunting and some unorganized target shooting. I am looking for good factory ammo for varmints and reasonable accuracy for target punching also.
I've never fired a factory round out of my .223 but my favorite bullet in handloads so far is the 53g V-MAX. I've heard great things from others about the Fiocchi factory loaded 50g V-MAX.

http://www.cabelas.com/product/Fiocchi-Ammunition-Grain-V-Max-per/705991.uts
Fiocchi 50 grain VMax shoots good groups in my RAR-Predator and my 700 LVSF parts gun.
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