Mine shoots pretty well, actually. But it's finicky. I have the Ultra 223 with a 24" bull barrel. The trigger is pretty stiff even after having the factory rework it. In order for it to shoot well I have to rest the reciever on the front rest and pull the trigger meticulously the same way with a complete follow thru, otherwise it throws shots an inch away from the group. I hate the trigger. With the reciever on the front rest like that it feels unbalanced on the bench and it makes the muzzle jump more than it should so I loose my sight picture. These issues are universal for all NEFs as far as I understand. I usually just shoot 3-shot groups because it's so easy to throw a shot off. Of course I've never had to take 5 shots to kills a squirrel, but you know what I mean.
However, I get regular 3-shot groups in the .5's with cheap Ultramax Speeer 52gr HP ammo. Also with Ultramax 40gr NBT and Black Hills reman 40 NBT. Since I started reloading I've had the darndest time finding a good reload for this rifle using light varmint bullets. Lots of stuff shoots about 1-1.25" 5-shot groups at 100 yards including SMKs and Vmaxes and NBTs but the only load I've found so far that really stays under .75" for 5 shots is the Speer 52gr HP varmint bullet (not the 52 match HP). That's not really the bullet I want to use for varmints but it works ok.
I never shoot this rifle anymore now that I have a Savage 12FV 223 but the NEF is always there as a backup or a loaner rifle. I've killed lots of squirrels with it and a few coyotes too. It's just too finicky on the bench for my tastes. It's not a varmint rifle, but it'd make an ok deer rifle easily.
Having said that I'd never buy one or buy another barrel to swap out. It's too much of a pain to make sure it gets put back together perfectly so that it shoots good again. I won this one in a raffle. It started out as a 22 Hornet but I swapped out the stock and sent the reciever in to the factory to have a 223 barrel fitted. It took 9 weeks to get it back. /ubbthreads/images/graemlins/blush.gif