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It does everything it's asked to do well, and because it's a US/NATO military cartridge - with consequent bleed-over into civilian target work - and has remained in front-line service for quite some time, it has had a HUGE amount of research work (both amateur and professional, civilian and military) thrown behind making it even more accurate.
You will always find a niche cartridge that will do something better at the extreme ragged edge of performance demands, but it's a harder task to find a better all-rounder (or more to the point, one that's still being given the same level of development support). Nearest I can think of in the Western context is the .50 BMG, but that's in such a different class as regards its utilisation and the sort of firearms which chamber it that direct comparison seems unwise.
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