The .223 and the 5.45x39 are very similar in that they are designed to bring lightweight ammo and controllability in FA fire to military rifles. Both are effective in the military role. I agree with boing that the 5.45 is less velocity dependent for wounding ability. Once the .223 drops below the fragmentation threshold it tends to make ice pick like wounds. The long 5.45 will tumble at much lower velocities.
The original M193 ball ammo for the .223 shoots a 55gr bullet at 3250fps and the current M885 shoots a 62gr bullet at about 3000. The Russian 5.45mm ball shoots a 59gr bullet at 2950. The .223 is more powerful but the 5.45 is close and it works for the Russians. I have read that the Russians consider the 5.45 effective to 400M vs 300 for the 7.62x39.
I have an AK-74 clone built from a K-Var kit on a Saiga receiver. It's fun to shoot. The '74 muzzle brake seems to reduce the already light recoil but increases the noise. I don't notice much difference between the 74's recoil and an AR-15.
For us here in the US, the quality, availability, reloadability and variety of ammo are heavily in favor of the .223. The Russian 5.45 ammo available here is cheap and it works but that is about all that can be said about it. .223 is available in military configuration, commercial ammo is available anywhere that ammo is sold, and match ammo is available. Reloading components, including cheap, once fired, USGI brass are widely available. Reloading the steel 5.45 cases is not really practical. Cases can be made from .222 brass but it is an involved process and bullets in the 5.45 diameter are not available. .224 dia bullets can be swaged down but this is another involved process. I like wacky reloading projects as much as anyone else but with Russian ammo at 0.12/round it hardly seems worth it.
From the point of view of the recreational shooter, the .223 is much more flexible and easier to manage. From the survival point of view, the AK-74 is a formidable weapon but don't look for much variety in ammo and don't count on any resupply.
My 0.02
Drue