Ah, the venerable Ruger No. 1. One of the best-looking hunting rifles around as well as a faithful representation of the hunting ethos - one shot, one kill. If you buy one, you will get a lot of favorable looks at the range.
Now, as far as accuracy goes, I'll tell you, I bought one about two years ago and did a LOT of research on that thing. Basically, the concensus on them was that they are inherently LESS accurate than the same caliber in a bolt-action, mainly due to the 2-piece stock, which introduces some instability to the gun. This makes sense - you would think that a one-piece stock would provide a better platform for unifrom support. That having been said, several folks mentioned that their No. 1's were very accurate right out of the box, while several others had terrible accuracy. As an interesting aside, the caliber most noted for good accuracy in that gun was the .243, which incidentally I have and lendringser's roommate has also. For those that did not have a tackdriver out of the box, a common solution was to place one or two small rubber o-rings under the foreend hanger screw, thus free-floating the barrel. I did this immediately upon receiving my rifle, so I don't know if it truly made a difference or not, but I do get 1/2 MOA.
BTW, mine is a 1B model.