I ignored the 22 WRM for years, anything the 22 WRM could do my 223 could do better (with reloads of course)I thought. That is until I started hunting wildlife mgt areas. Shotguns with #2 or smaller (steel at that!), muzzle loader, and rimfire only. Bought a marlin bolt action last year and mounted a burris 4x compact scope, killed 3 grey fox and lots of crows, rabbits, squirrels and a few groundhogs.
Accuracy: Ammo sensitive, CCI maxi-mag solids give consistent 1.5" 5 shot groups @ 100 yd (rolled jacket on bench for support) on a calm day. Sub 50 yards my 22 lr rifles groop better, at 100-150 yards the 22 WMR does better. Although the 22 WRM has a repututation for poor accuracy, my marlin bolt is as accurate as I can expect a $180.00 (wal-mart)rifle to be.
Hunting/defense: Defense, don't know, probably too light but better than 22 lr. Hunting, lots of tissue destruction with hollowpoints. Use solids if your going to eat it. I think it's a good killer for anything up to fox and groundhog.
Reliability: I've had a few fail to fire with good firing pin strike, no more than I've had with 22 lr. Must be a rimfire thing, failure to fire is extemely rare with my centerfire firearms.
If laws or regulations keep you from using your centerfire, it may be worth a try. Good luck and have fun.