I have a 550 FS in 6.5x55 that I have yet to shoot(waiting to put a scope on it). However, I have seen a CZ 550 FS in .270Win put 3 bullets into 0.70 inches at 100 yards. That's better than a lot of other rifles can shoot.
As far as the quality of wood goes, that's a hit or miss thing with CZ. I got lucky and have a real nice piece of wood on mine, but I also had a couple of rifles to choose from.