I've had the .223 Ultra for going on two years, and I love it. It's accurate and just plain fun to shoot. If you don't reload, factory ammo such as Winchester white box and Ultramax are very accurate in these rifles, and not very expensive. If you do reload, you have a little more leeway in what you want to shoot. I can shoot well with mine out to 300yds, which is about the max. effective range (so I'm told) for a .223.
I have yet to check velocity in mine, but the 24" barrel probably helps things. Mine is the 1:12 twist; they're going to 1:9 in some of the new ones, I'm not sure which models will have which. If that's a consideration for you, you may want to check it out (no matter what rifle you pick).
Good luck, and welcome to the forum!