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Within its performance envelope, it works. Period. Try to take it outside its envelope (best use is inside 150 yards?) with standard ammo and you may be disappointed.
I think this is accurate. When most people talk about the 30/30, they're thinking lever action guns. In that case the Hornady Leverevolution ammo mentioned is a good choice.
However, my 30/30 is a single-shot. With Winchester factory ammo it shoots 1" groups all day long. Since it has no tube magazine I load it with Nosler 125gr Ballistic Tip bullets. This handload will shoot 5/8" groups when I do things right. I've taken deer out to 300 yards and antelope at 230 yards. It did the job, but it won't put them down like a .30-06.
Loaded for a single-shot or a clip-fed bolt-action, the 30/30 can be better than standard factory loads for a lever-action gun. Its a good cartridge, but it still isn't a 30-06 or even a 308 /ubbthreads/images/graemlins/cool.gif