I've been shooting my Sport with my "standard" 5.56 loads...
Sierra Varminter (#1375) 60 grain HP with a flat base. 24.1 grains of H335.
With my other ARs, I worked this load up and compared it to M855 and M193 rounds. At 100 yards, I found that the 193s were the least accurate, M855s were somewhat better, and there was a dramatic difference with the hand loads. Much tighter and more consistent groups. I'm now shooting with an EOtech red dot though, and it's not exactly a target sight.
Good for center-of-mass on a man-shaped target, but that's about it. I can keep my handloads in about a baseball-sized area, which is fine for what I have this rifle for. I also found that all my ARs prefer flat based bullets rather than boattails, also, unlike almost all of my other rifles.
I suspect that if I were to mount a real scope on there, it could probably be shooting 1MOA, especially since I just put in a Geiselle trigger group, which is really nice compared to any factory trigger. I agree that the Sport seems to be an accurate little rifle. Works for me.
Roger