I just mentioned this in another thread... I had a Browning 1886 SRC, it was an excellent rifle. I sold it off to fund another acquisition, that 1886 remains the One Rifle I Regret Selling to this day. Like someone else mentioned, I also have a Browning 71, basically the same rifle, except mine is a 20" carbine... THAT rifle isn't going anywhere. The one thing that has stopped me from replacing my 1886, is the cost to get one, again. I bought mine for $700, new, and I think that's what I sold it for... probably about half or less of what good examples go for these days. The Browning is definitely the way to go... no silly stuff like the new Winchesters.
As far as ammunition for it, it depends on what you want to do with it. I used to load pretty stout loads for my 1886, but have since changed my tune since I've gotten into cast bullets and shooting steel... now my loads are in the 1400-1500fps range using slow pistol or fast rifle powders.