As always I suggest people interested in fragmentation start with [url=http://www.ammo-oracle.com/#m193orm855]The AR15.com Ammo-Oracle section on fragmentation and terminal performance.[/url]
There are two basic ways (and perhaps the ONLY two ways) to incapacitate an aggressor.
You can deny the muscles signals from the brain.
You can deny the brain oxygen.
In ballistics the best way to accomplish these are:
1. A direct CNS hit that does enough damage to cause instant loss of motor control or consciousness. This basically means the head or the spine.
2. A hit causing sufficient vascular damage to cause the individual to "bleed out" quickly enough to get them out of the fight via hypoxia before they can do anyone damage.
1. is pretty hard to do consistently and bad-guys don't usually cooperate. (The nerve core in your spine is about the width of your pinky- sure, Clint Eastwood shoots the rope that his partner is hanging from in The Good, The Bad, The Ugly, but he's a better shot than you. Also, he probably is better looking too!).
2. is easier, but still difficult and is FAR more dependent on bullet performance than 1.
Given this, the best rounds are those that, whatever else they might do, will inflict severe vascular damage. Since almost all penetrating projectiles (regardless of performance) will destroy CNS structure they come into contact with we don't really bother evaluating this. We aren't worried about the rounds that end up perfectly placed since even an ice pick would do the job if perfectly placed. We worry about the rounds that, given the practical nastiness of a gunfight, aren't perfect headshots. These rounds have to incapacitate also.
This means they have to:
A. Get deep enough to reach major vascular structures even if they have to pass through an arm, thick clothing, a leg, etc before they encounter important vascular structures. The average human torso is 9 inches deep front to back. Minor vascular structures bleed, but not fast enough to be an issue. We can't wait that long. Major structures start 3-5" under the skin, except in the extremities.
B. Do as much damage to as many of them as possible to increase the speed of hemoraging. Bear in mind also that even if the heart is utterly destroyed the brain contains enough oxygen to continue major functions for 10-15 seconds.
It takes about 1 liter of blood loss to induce shock in most individuals. 2.5 liters of blood loss is generally fatal. Cutting major vessels can result in as much as a liter and a half per minute. 45 seconds, however, is still a long time for someone to keep fighting. Cutting a few major vessels is better, obviously. Leaving a pair of holes for the blood to clear out of is also helpful. (This is why I actually believe rounds should exit).
Fragmentation is important in .223 / 5.56 rounds because they don't make very big holes without it. With it, they are devastating. (Look at some of the gel pics).
Ideally then you want something that penetrates deep and does a lot of damage after about 3" of penetration.
Clearly, the "neck" (or the distance before the round yaws and begins to break up) must be inside of 3" or so to increase the chance of doing vascular damage. You also don't want yaw to start to late in case you are shooting at a Heroin addict and his torso is actually only 5" deep. (By the way, ALL pointed bullets yaw. Not all fragment).
Also, projectile penetration (both handgun AND rifle) should exceed 12" to make sure that sufficient penetration to pass through extremities and still do major vascular damage exists.
Right now the best rounds I know about for these purposes are the 100 grain OTM round we tested and the 77 Nosler NATO round we tested. ([url=http://www.ar15.com/forums/topic.html?b=3&f=16&t=167591]77 Grain Testing here[/url] and [url=http://www.ar15.com/forums/topic.html?b=3&f=16&t=145122]100 Grain Testing here[/url]).
Both of these have very short necks (under 2") and LOTS of fragmentation. They make big and deep holes.
The 100 grain OTM basically yaws IMMEDIATELY. It's problem is that bullet drop is huge after 150 meters or so.
The 77 grain Nosler has a longer neck, and slightly less fragmentation (there is just less lead to fragment) but is still an outstanding distance performer.
Now, if you don't want to go to the 77 grain Nosler (they are quite pricy) you might want to think about the 68 or 69 grain SMK rounds or plain ole M193.
All of these typically penetrate 12" and fragment nicely.
Feel free to post any other questions, but take a look at the [url=http://www.ammo-oracle.com/]AR15.com Ammo-Oracle[/url] too.