I think the Hornet is a great cartridge if you understand it's limitations. Sure, it can drop larger game, but as others have said shot placement is crucial. I have wanted one for years. I saw a little Ruger 77 Hornet a couple years ago that looked really nice. I may end up with one of them some day.
I have a funny story about an old 22 Hornet, hunting, accuracy, and reloading. A friend of mine has an old Savage model 23 in 22 Hornet, the model where the barrel and receiver are one piece of steel. It had been passed down through the extended family for generations starting with Grandpa or Great-grandpa in the 30's or whenever it was made. Many youngsters learned to hunt with it (though not really a learners rifle), many deer had been taken with it, and it hadn't always been well taken care of.
Several years ago Ben's oldest son was hunting with it and dropped a buck on the run with a head shot at 100+ yards, offhand (can you say lucky shot? Yes, I know that's not a responsible shot to take). Being a teenage boy he bragged to everyone that that's just how darn good he is. Later they were trying to sight it in again and found it wouldn't hit anything. I looked at it and found that the rear scope base screws had been sheared many years ago and replaced with super-glue, which finally broke loose. The old holes were not salvageable so I simple drilled and tapped new holes behind the old ones and remounted the decades-old Weaver 4x. I worked as a machinist at the time.
I sat down at the bench to work up a load for this old rifle because of the cost of factory ammo, and was very surprised at it's accuracy. That old beater still shoots minute of angle! With a good load the hundred yard groups averaged right around slightly over one inch. Ben has eleven kids so that old rifle will be in the woods every year for a long time to come.
Now I'm starting to really want a Hornet too. I better start saving again. I just ordered a CMP M1 Garand so I might have to wait a while. By the way, does anyone know if those little Ruger 77 Hornets are any good?