I have two .204's: a CZ 527 Varmint and a Remington 700 VLS.
Both shoot 32, 39, and 40 grainers lights out, as in, under and 3/4 inch consistently, and sub .5 routinely if I do my part. My experience is based in a few thousand rounds sent down range on paper, at critters, and in Colorado and Wyoming elevation and WIND.
I shoot TAC (a Ramshot powder) exclusively, both of my guns love it.
On paper, external ballistics show that the .204 can (with the right powder and bullets) shoot flatter than a 22-250, ESPECIALLY in wind. In practice, both of my rifles also prove this out. This is one common misconception of the .204 - that it under performs in the wind. Fact is, it's great in the wind because it shoots so fast and as another poster pointed out, it's got a good BC for the bullet weight. People love to dispute this, but it's fact.
I load my CZ sometimes with Trailboss. Mimics a 5MM rimfire - almost ZERO noise and zero recoil, and I can shoot for less than the price of 17 HMR ammo.
I've also yet to retire a piece of .204 brass (10 or more reloads on some of the brass).
Lots of reasons why my 22-250 sits in the safe and pouts when I take my .204s hunting..............again.