If you don't plan on reloading and, like for most of us, money (lack of!) will usually be an issue, .223 factory ammo will always be significantly cheaper than other .22 cal. centerfire ammunition. That said, I love the Hornet (especially for its relatively light report in populated environs) and, even with factory loads, my 100 yard, five shot groups are generally closer to an inch than they are to 1 1/2".
I employ the Hornet as one of my "stalking" (that is, when I'm in an area where I do more walking than sitting) varmint rifles. It is chambered in a fine little Browning "Micro" A-Bolt that wears a Burris 2X7 Compact.