My sainted mother gave me a "Wal-Mart Special" 10/22 for Christmas, the stainless, 22" barrel, checkered stock model. I felt like ol' Ralphie getting his Red Ryder. You've seen it sitting there, with its yellow tag, begging for a ride home.
Fit and finish: It looks really good externally. The stainless finish has a "deep" look to it in the barrel. The reciever has that plastic coating on it. I don't really dig that but it does look nice and clean. The stock is clearly not a fine grade of wood. The checkering looks a little soft and shallow. However it is the best looking rifle you can buy for $217.00, as far as I am aware.
The internal parts look awful. They have loads of machine marks and divoted surfaces. They do not have any functional defects, though. It'll buff right out, I'm sure.
Action: Smooth, reliable and accurate. The supplied 10-round mag works flawlessly. The trigger needs some work but is decent.
Range Report: I bought a Bushnell 3x9 Sharpshooter for $46, rings included. Use Loc-tite to set the scope mount, as those screws will work loose no matter how tight you turn them, when the rifle gets hot. I zeroed at fifty yards for lack of a better suggestion. The rifle is very accurate at that distance. I got some dime-sized groups. At magnification 9, the POI at 100 yards is just above the thick part of the bottom reticle leg. I was dancing a diet coke can across the berm at 100 yards, hitting it on every shot. Ladies and Gents, that's what you call a fine squirrel rifle.
Ammo: My favorite is the CCI Mini-Mag. It is fast and reliable, and cheap. It is cleaner than the Remington "Gold," which also seems to have some variation in construction or powder charge from round to round. Ruger advises against using "stingers" as the case pressures are too high.
I love this rifle. It is a fantastic deal for the money. They only sell them at Walmart as far as I know, which is what the gun shop guys tell me, whatever that's worth. I could see it becoming a collector's item if they discontinue the model.
UPDATE 1/7/06: Since applying blue loctite to the scope mount screws, my scope has stayed sighted-in across two range visits. VERY accurate.