From my understanding, the 175 performs better at 600 yards plus. The 168 has been around alot longer, giving it a pretty well established reputation and load data, whereas the 175 is a couple years old. I think the military is now employing the 175s as well. Personally I have not tested between the two, but the 168 gr. works pretty well for me.
Sierra does not advise using these (Matchkings) for hunting, it does not perform as a hunting bullet should. Sure it may get the job done, but it does not give the desired effect of blowing a large hole in a target, expansion is small, something that is a problem for chest shots for snipers with this round. I read a memo from the IWBA about this problem, where it mentioned the fact threats are engaged with target ammo and do not always provide instant incapacitation. The matchking is not a true hollowpoint, but an open tip bullet. The open tip is a result of covering the bullet with the copper jacket.
I have not shot the 155 gr Palma load, because I do not shoot Palma matches, plus I have not seen it in any stores. I saw it at a show, but the guy wanted about $22.00 a box for Federal Match ammo.
However, the 165 gr Nosler is great! I took two deer with it, and yes the desired effect took place. They were shot from a 20" bbl. Savage. Both deer took severe damage from the wound, the one dropping on the spot and the other bled out within 100 yds. A very good hunting bullet, in a bullet weight that could be argued as an general purpose bullet.
I can also recommend the Sierra Gameking in 165 gr. This is a pretty close version to the Matchking, built for hunting. From my big .308, a PSS, the group was right 1" and low 1", give or take a tad. The gun is zeroed for the 168 Matchkings.
A buddy of mine took a deer with a load I made up with the Gameking. It dropped him on the spot, and I think the wound was larger than the Nosler. Very effective bullet.