My 77/22 is the only gun that I truly regret getting rid of. I had the blued/walnut model with sights. That was back when they had the blued bolt handle.
The fit and finish were excellent. My 77/22 had the smoothest bolt of any rifle I've ever handled, and while it didn't possess "match" accuracy, most loads would shoot into less than an inch at fifty yards. I loved the rotary magazine--especially the fact that it held 10 rounds AND was a flush fit. The trigger was pretty lousy, so I added a Volquartsen sear & spring kit, and although it lightened the pull, there was still a good bit of gritty creep.
Other 22's are probably a better value--CZ, even Marlin and Savage (considering the low cost)--but my 77/22 was definitely the most fun 22 rifle for plinking. It makes a nice squirrel rifle, too.
I know that they say the 77/22 can use a 10/22 magazine, but I found that the 10/22 mag I tried to use didn't fit very well, and I had to sort of wiggle it to feed the rounds.
There is certainly no shortage of aftermarket barrels available for this gun, but I don't think the 77/22 is a good choice for trying to build a target rifle. I've heard that Clark and others do some top-quality work on the 77/22, but I feel that if you've got the cash to pay for custom or semi-custom enhancements on this rifle, you should just get a higher-end gun to start with (Anschutz, Cooper, etc.).
I sure do miss my 77/22 :cry:
Dan