A buddy of mine got a Savage .220 Swift, (this Savage
http://www.savagearms.com/12bvsss.htm ) about a year ago. Man what a shooter, right out of the box. It shot so good out of the box, that he has yet let me "accurize" it.
Anyway, I worked up a load for him, with the Nosler 50gr Ballistic Tips. I got velocities over 4,200 FPS and 3/8" groups, but it was hard on the brass, swelling the primer pockets and splitting necks. This was during the initial barrel break in period. I suggested to him that we back off the load some to save the wear and tear on the brass. Found a load that is still good for 4,127 FPS, still getting 1/4" groups, and the brass is lasting longer.
As far as muzzle report, it is louder than a .223 but not quite as loud as a .308, IMO. The .220 will do anything the .223, 22-250, or the .204 will do, then some. Very flat shooting out to 300 plus yards. Ammo may be some what hard to find for the Swift, but not difficult. The Swift like almost all the 22 cals are not the best choice for deer hunting. Not saying that they won't kill a deer, but bullet selection and design are better suited for varmints rather than medium to big game.