the 5.45 has a flatter trajectory, and relies on tumbling ("yawing") rapidly in tissue rather than fragmentation (which is limited to well under 200 yards in a 20" .223). although it does take some testing to find mags that work well, i usually load 20 rounds in a 30 round USGI (i have loaded up to 28 but prefer to just keep it simple: 1 box per mag).
ammo is a lot cheaper, which is why i got one (just to go out shooting inexpensively). actually the ammo is the same price as Wolf .223, but people don't give you a hard time for shooting wolf in a gun designed for its steel cases.
i don't think it is necessarily a better round overall than the .223, but saying "why replace the .223" is like asking Glock owners why they have a different caliber than yours...or why a 9mm AR?
as far as less accurate i don't think that's 100% correct. last time i shot mine at 300 yards i was hitting the steel with only the detachable irons...of course, i'm not trying for subMOA groups here, just being able to hit a torso-sized target at reasonable ranges. and the 5.45 isn't set up as a bull-barrel match gun...its an M4 profile 16".
(PS-i'm not a very good shot either!)
different strokes for different folks, right?