Plinking? Ruger 10/22 in .22 LR. Nothing else comes close. I can get awesome groups at 50 yds with $10/550rd Wal-Mart ammo. Plus, you can get 50rd clips and power speed-loaders now that the AWB has sunset, so you don't kill your fingers reloading. There are a whole bunch of barrels/stocks/finishes to choose from now, too.
Challenge: can you get through 550 rds in one afternoon, and can you resists the huge, cheap aftermarket for the gun? So far I've done both.