I have a Springfield 840 (a Savage 340 derivative) in .222 Rem.; and a WesternField 712 (a Savage 340 that was made for and marketed by Montgomery Wards) in 30-30 Win. The Springfield 840 will shoot 3-shot groups that are 1.5" or under @ 100 yards. As to the WesternField 712, this an exerpt of a post I made on leverguns.com a few months back.......
To make a long story short on the accuracy of the 30-30 Winchester cartridge, on 7-10-04, I tried a little experiment. I had four boxes of 30-30 factory ammunition at the time. Over roughly a 3-year period, I bought one box each from 4 different sources. One source was at a Gander Mountain outlet, one from Wal-Mart, and two sources were Mom & Pop sporting goods stores that were roughly 50 miles apart. Three boxes were Winchester Super-X 170 gr. loads with three different lot numbers, the other box was Remington factory loads in the 170 gr. Core_Lokt.
I set up a target at 100 yards, and from the bench, I fired one round from each box. Those four shots landed in a cluster that measures just under 1 inch!!!!!! The rifle in use was a WesternField 712, which is a Savage 340 that was made for and sold by Montgomery-Wards. This rifle is the carbine version with the 18.5" barrel. At the time I shot this group, this rifle was equipped with a WesternField 4X scope.
This not only sez loads about the capabilities of this rifle, but also speaks volumes for the quality control Winchester and Remington uses to produce ammo for the 30-30 Winchester.
The only complaint that I have is that the ejection on both these rifles is quite weak. Other than that, they are good rifles and good shooters.
I've never owned or shot one of the 340's chambered in 22 Hornet; but those that have them speak quite highly of them and refuse to let them go.