I am just starting out in precision shooting so please bare with me.  I recently purchased a Rem. 700VS.  I am just finished breaking the barrel in with some 150gr. S. African surplus.  I am getting 1.75in - 2in. groups at 200yds with it.  I would like to know what you guys use for just practice and range time, and what you use for those precision sessions.  I don't reload yet so reloading is out of the question.  

If you are not going to reload just give Federal 168gr match ammo a try.  It has the 168gr Sierra bullet that is well know for accuracy.  For really long range stuff the heavier 175gr Sierra match bullet has a following.  Your 700 should do about as well as it ever will with the Federal 168.  Watch-Six

Hornady TAP AMAX 168 grn, getting ½ groups @ 100 yards.

those 168gr Federal match.

Federal Gold Medal Match 175 gr GM308M2.  Good for 1000+ yards.

I tested my .308 bolt action using both Federal Match and Black Hills Match in 168gr. The Federal was more expensive but for some reason it did not shoot as well in my rifle as the Black Hills. I guess my rifle just likes Black Hills better. Manufacturers of the same caliber rounds all have subtle differences in cartridge dimensions. Even the slugs themselves can vary in width by a few thousandths and still be well within spec. I know that Hornady slugs are usually a bit on the thick side and Nosler usually a bit narrower. I would say experiment with some quality brand names and see which one suits your rifle the best.

I reload using 175 Sierra MK's and Varget powder.  Very accurate out to 1000yd.

I'm handloading for my .308 now, but I tried several different factory loads before I started reloading for it. Mine liked the Blackhills ammo. The 168gr gave excellent results out to 600 yards, but past that the 175gr was much better. Both did better in my rifle than the Federal, but the Fed was still good. I also tried some Winchester Ballistic Silvertip 180gr. That did extremely well too. All of them easily gave sub MOA groups out to 600 yards. FWIW, none of them liked being shot after the other unless the barrel was cleaned first. If I am just going to practice for "technique" and not worry about group size the Radway Green 147gr fmj did acceptably well.

Added: If you go with the Backhills ammo, save your brass. If you start handloading it is excellent brass. Much better than Federal IMO.

Jason, I noticed you are in Washington.
If you are within 100 miles of Burlington, go to Kesselrings and buy several types of Black hills ammo and see what shoots best in your gun.
I used to live in Lake Stevens and I just HAD to drive up there every few weeks.

JC I have had real good luck with the Federal match ammo., but what really performs best in my Blaser  Tact. and Rem 308's is the Norma Diamond line 168gr. I have shot true one ragged hole groups at 100yrd with both guns and have shot a 1.1in. group at 600yrds with my Rem. Backed up by 1.4 to 2.2 in. groups with Rem and Blaser. All groups witnessed by local law-inforcement. The stuff just really performs. IT IS HIGH PRICED but if you really want good results this stuff does it.

Quoted: Federal Gold Medal Match 175 gr GM308M2.  Good for 1000+ yards.

Like em! Like the 168 as well! A friend of mine bought a thousand round lot, and has slowly given me the brass. Am I a lucky ass or what?