I have an older model Savage 116 in 7mm Rem. Mag that is pre-accutrigger / accustock etc., but it is without a doubt the most accuarate rifle I have. Easily MOA at 200 yards. I like everything about it. I put a nice thumbhole laminated wood stock on it a few years back that really dressed it up. The trigger breaks crisp as glass at 3# with no overtravel. I highly recommend it.
The scope is a factory setup. As far as ammo, it likes the heavier stuff in the 150-162 range, but does alright with 140's too. It'll shoot factory or reloads with equal reliability. I found the IMR4831 does the best in my gun for velocity and accuracy. IMR4350 was a close second.
Here's a pic.: