Love my 10/22! I've got some centerfire rifles (M1A, Model 70 in .30-06, Mini-14), but I shoot my 10/22 far more than anything else -- ammo is cheap, and I'm able to focus on technique, not recoil, or how much each round is costing. I normally shoot the Remington bulk pack from Wal-Mart, and that's perfecly serviceable ammo for just about anything a .22 would be asked to do short of competition shooting. I wouldn't hesitate to hunt small game with it.
Some posters mentioned that there's tons of options / accessories for the 10/22, and that's no joke - you could literally accessorize a 10/22 piece by piece to the point where there isn't a single Ruger part left. Mine has a Green Mountain target barrel, Volquartsen trigger internals, a cheap Simmons scope, Butler Creek stock, and I've got my eyes on some bolt upgrades. I probably didn't need the upgrades, but I can't help myself when it comes to tinkering.
I would also repeat the recommendation to get some instruction in the mechanics of shooting as well-the skills you'll learn to shoot a .22 - sight picture, sight alignment, trigger control, breathing, body support, etc - will translate to any rifle platform.
Scott
MSgt, USMC Retired
Infantryman, 87-08
Marine Corps Primary Marksmanship Instructor