Last year I got a CZ 550 in 6.5x55. I topped it with a Zeiss Conquest and headed off to the range with some PMC 139gr PSP factory ammo that I'd had for maybe 7 or 8 years. Out of the box, I was getting 100 yard 5 shot groups at right around an inch.

I was pretty delighted, despite a somewhat rough action and a creepy trigger. The trigger pull was ~3.5 lbs or so, and even with the creep it isn't bad. The single set trigger is fine at the range but is too light for field work in my opinion.
Unfortunately I have not been able to duplicate my success with handloads yet. I haven't spent much time with this particular rifle but I sure hope I can work up a decent handload. Hornady 140 grain Spire Points show some promise atop IMR 4831. Remington 120 grain Core Lokts on top of IMR 4064 are not the least bit impressive. Tomorrow I will try Remington 140 grain Core Lokts on top of IMR 4064 and see what happens.
All in all, I think the CZ 550 is a good value for the money. It compares favorably in price and features to the Ruger M77 MkII, trading off a two position safety for factory pillar bedding. It isn't quite as nicely finished as a Ruger, nor as smooth, and it isn't American made, but it does shoot well. at least, with OTHER people's ammo... sigh![>:]