While I've never taken a deer with a 223, I know many who have. If all I owned was a 223 I could take a whitetail deer with it.
Let's face it, whitetails are like us, pretty weak. Seeing as the 223 is the civilian version of the 5.56 NATO round which is often used in war, what does that say about the potential power of the round?
I use a heavier caliber because I want to, not because I have to.
I've taken more deer with a .44 magnum rifle then I have with my new 7mm08 X-bolt. Practice makes perfect with deer hunting.
I had to practice, and still need to do more practicing, to get better at shooting at moving targets. I took my buck this year when it was trotting by me. It was a clean kill shot. Had he been at a full run, I don't know if I could have hit him, nor do I know if I would have even attempted a shot in that scenario.