I bought my first PD rifle in 2005. I went to the store looking for a 22-250, but the salesman talked me into the new 204R. His big selling point was the minimal recoil, allowing the shooter to watch the "show." I went out shooting with my friend, who was shooting his trusty 22-250, and my hit rate was at least 50% better, due to my ability to spot the impacts- my friend was just guessing based on the puff of dust that was all he could see after his rifle settled. Also, he was shooting 40gr 224 bullets due to his 1:14 twist. his shots were devastating up close, but out past 350 or so, not much left in that little pill. The 40gr 204 Vmax's I was shooting did better in my opinion.
Then I built a target AR with a Shilen barrel in 223 with a good brake, because, as many have already mentioned, a dense PD colony requires more than one rifle. That gun has a 1:8 twist that I shoot 55gr Hornady soft points or 69gr RMR bullets. I generally don't like the heavy 224 bullets for PDs because the lower velocity sometimes results in richocets which are not acceptable where I sometimes shoot due to cattle. The soft points do well inside of 350 or so, past that they will sometime go singing off into the pasture on a miss.
Since then, we have all gone through at least 2 droughts on 204 components. I stocked up on 204 Win brass last time it was available, but I haven't seen much in years. That lead me to 20 Practical.
Another AR with a 1:10 Shilen barrel from D-Tech out of Minnesota. That gun shoots bug holes with the 40gr VMax, CFE-223 and mixed 223 range brass I process into 20P with very little prep. I shoot the 40s at 3710 fps, which is about 100 fps slower than my XR-100 in 204R. Components are easy - my brass is free. I can see myself leaving the 223 AR at home on the next trip and just taking the 204R and the 20P.
Of course, when all of the PDs that are close have learned to keep their heads down - I go to my 22-243 with 88gr ELDMs going 3350 fps. That is hands down my favorite PD gun, but I do use it sparingly.