I have a .223 and although I never shot a deer with it, my young Nephew shot four deer using the .223 Federal Partitions and they never went far. I decided to start using the AR for deer hunting this year. Most of my hunting is in woods stands where you can't see much over 100 yards, but I do have a few small fields where a 200 yard shot could present itself. My initial selections were the 7.62X39, 300Blk and the 6.8. I had a Mini-30 and have a CZ carbine in the 7.62X39 and know it to be an excellent round for the woods. The 300Blk has similar balistics to the 7.62X39 and is a better choice for the ARs, or so they say. I found a site on the net, 68forums.com, where people were discussing their experiences with the 6.8 Rem. The 6.8 offers a litte more range over the 7.62 and 300 so I elected to go with it, just incase my hunting opportunties changed. Meanwhile my buddy bought an AR in 300Blk. for deer hunting. I am very satisfied with my 6.8, but after shooting it and the 300Blk side by side, I think I would really be happy with either.
For an AR conversion, the 300Blk only requires a barrel. The 6.8 requires a barrel, bolt and mags.