I just got back from some recreational shooting on my uncle's farm, and was running some Wolf 62 grain fmj .223 ammo through my M4orgery. I shot at a cereal box from about 25 yards away, and when I walked over to see where on the box I hit, I found the remains of several rounds that had passed through the cereal box and smacked into the ground behind it (A small slope used for a backstop).
It appears that they fragmented fairly well, looked almost like hollow points in the way they expanded. The three rounds I found (I didn't try to dig any out of the ground) peeled the copper jacket back, and one of them retained some lead, the other two stripped the jacket off. I must say I was suprised because I had always heard that Wolf didn't fragment because of the thick gilding material. Maybe it was just because the ground was fairly hard as it hasn't rained here recently.
Anyway, I thought I would post some pictures to see what you guys think.
First off, the offending rifle, a Bushy A2 style M4orgery with my signature cheap optic and a little friend
Next up, the three recovered rounds from the back side
And the same three from the front
Like I said, I was surprised to see this from fmj ammo, much less the 62 grain which aint the fastest stuff in the world. In retrospect, I should have fired some 55 grain Wolf and some Lake City M193 for comparison. Well, maybe I will do some more informal testing another time.