I have one and I really like them.
As others have mentioned, the plastic magazine well and magazines are fragile. So long as you keep solvents away from the plastic, they tend to last fairly well - mine is '70s or '80s original and has never cracked.
The magazines came in 5rnd and 10rnd capacity for .308 Win. 10rnd mags are really expensive and quite hard to find - I heard Steyr ceased production of them. Both are a rotary design, similar to the 10/22 magazine.
It is now possible to buy aftermarket bottom metal that takes AIC magazines and is far more durable. Not cheap, but worth it if you want more capacity or durability.
Here's a link to a product page.

Quote HistoryOriginally Posted By maleante:
Steyr just released a new model (pro hunter heavy barrel) that according Steyr's Austrian gunsmith at Steyr USA, uses the same action and barrel as the higher priced 04 and 08. It's guaranteed to be sub moa from the factory and is my most accurate gun.
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Sounds similar to the Pro Hunter Tactical they sell in Europe. They have a lot of features for the price - I'm suprised they aren't more popular.