Hey, hey, HEY! I'm trying to be objective here. Let's not get ugly.
****Give it a rest. The numbers are all bogus.
Well, alright, but fair is fair. If you want to use "what people say they're getting", then let's keep it to that. 4000 fps for a standard .223 is statistically (at the very least) outside of the bell curve - a fringe number worth a footnote perhaps, but hardly a fair representation of what us mortals can expect from a standard (read: NOT an AI'ed) .223; I know cuz in the mean time I've consulted with several knowledgeable folks that hotrod the .223 & .223AI, and 4000 fps for a standard .223 40 gn V-max has been claimed by you and maybe a couple others. Say you're right. That is hadly relavent to "normal" .223 performance norms for a 40 gn V-Max.
****"What people say" is because I don't shoot the .204 myself. So how else would I get numbers? C'mon, use your brain. Is 3850 wrong?.....are you getting 4000 and if not, or do you just like to throw that number around? I've read all kinds of stuff by "knowledgeable people" that was so off as to be ridiculous, so I take that knowledgeable people term with a grain of salt. One of the things I originally posted was that the .223 isn't always shot to it's potential. Any mortal can load 26.5/AA2015BR and a 7-1/2 in an IMI case with a 40BT and go shoot it, there's nothing magic. You could do it too.....honest. And again, it's a Ballistic Tip w. 221BC, NOT a VMax. Again, not a VMax.
Therefore, for the general comparison of any two calibers, would it not make sense to stay within "what people say they're getting" (to use your words)?
****No. I stay within my experience and go by "what people say they're getting" when I haven't used it. That shouldn't be hard to understand.
So, for the sake of "apples to apples", lets use a number that better fits the performance of both. Using "what people say they're getting", lets pick 3850fps for both the 204 and the .223 for the 40 gn V-Max. (After all, it's only 150fps away from the 4000 fps that seems to upset the apple/orange cart

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*****This is getting sillier. See prior answer.
For the following graph, the AMSL is 1500', temp is 70 degrees, scope centerline height is 1.57" above the bore centerline, the BC for the .224 40 gn V-Max (Hornandy's published chart) is .200, the BC for the 40 gn 204 (Hornandy's published chart) is .275, 200 yard zero and there is one small cloud in the sky (just kidding 'bout the cloud

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******* I live at 7,000' elevation. My shooting is done at 4500' minimum and mostly 6500' or higher. You don't find prairie dogs in Midwest cities.....how many have you seen at 1500'? Summertime shooting temps usually start about 85* and go up from there. My guns are set up with a 2" C/L.....1.57 won't clear a 50mm OD bell on a fat barrel. Except for velocity and BC, I used the same numbers for everything.
OK...Data loaded into the balisitic calculator, trafered to Excel for graphing, and we have this comparision showing MOA correction (MOA = 1.047" - call it 1" at 100 yards) for drop to maintain a zero hold, MOA correction for wind drift, and foot pounds of energy for both bullets...
Energy at 300 yards favors the 204 by some 52%,
Trajectory is only one click (on a 1/4"/click scope) different or ~ 1-1/5" at 300 yards, but at 500 yards the drop correction is 32% more for the .223
Wind is 46% more drift for the .223 than the same 40 gn bullet from the 204.
***** One click on a 1/4" click scope is 3/4" at 300 yds. At 500, .8" is 8/10"....and 19.7" vs 17.9" isn't 46%. Your percentages are crap.
MOA very misleading? No need to go off on a tangent here: Inches are inches, and all that was done is convert the inches of correction to MOA for easy "knobing" on the scope. If you don't like the MOA scale,
ignore the numbers on the scale at the left, and
the graph still plainly shows the distinct advantage of the 204's higher BC. (No need to get distracted by splitting a hair over 1.047"/MOA vs. rounding off to 1.0" to see what is going on with these two...

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***** Yes, MOA is irrelevant. Spend more time in the field and less time juggling numbers. When you're actually shooting targets at different distances, drop at the target is what you worry about. You need to get out more. And again, the graph is bogus.
Perhaps it is a difference in calculators or the fact that I used Hornandy's BC of .200 for the .224 40 gn V-Max where you used a different BC. But in the graph (above) the hold off for 10 mph of crosswind at 400 yards is 13.6" for the 204 and 20.2" for the .223...From a ratio perspective, that's a 48.5% greater drift for the .223. Call that "huge", or "significant", or whatever...It's a LOT more drift!
Course using the wrong BC will make everything wacky. (I'll scan the Hornandy BC chart for the record and post it, if needed.)
*****I don't care about the Hornady BC chart. I told you what BC's were used and still once more.....read my lips, I'm using a Ballistic Tip. My readout came from the ballistic computer in a Pact Pro chronograph.
Well, you saying it isn't worth changing is your opinion. I took this discussion up because I felt your opinion was based on some exceptional .223 numbers and based on that gave short shrift to the 204. I don't have an axe to grind for the 204. But, Velocity differences aside, if nothing else the higher BC of the 204 gives it significant performance boost, especially in energy and as ranges get longer; i.e., past 400 yards. If you don't shoot past 400, thats fine. But, it isn't fair to say (as you did initially) that the difference was (in effect) nill.
The .223 is a sweet cartridge and a high performer to be sure. But, the 204 will out perform the .223, at least when shooting the 40 V-max at 3850 fps at 1500 feet AMSL at 70 degrees, when there is only a couple clouds in the sky...
p.