KBCraig wrote:FMJ will almost always feed more reliably, especially in older designs that predate hollowpoints. If you have any concerns about reliable feeding, then go with FMJ, Pow'Rball from Cor-Bon, or one of the new projectiles that combine an FMJ profile with JHP expansion.
When a round/caliber has sufficient power to both penetrate and expand reliably, then go with HP; if expansion is questionable, then go for penetration. In low-power calibers, LRN rules.
The projectile that combines an FMJ profile with JHP expansion is EFMJ (Expanding full metal jacket) from Federal.
The reasons for using lead round nose in small calibers include feeding reliability (small caliber guns are famous for being finicky feeders), deeper penetration (the cartridges don't contain enough energy to both penetrate and expand reliably, and if you can only have one or the other, penetration wins) and the possibility that if all the stars are lined up right, they may deform somewhat and create a larger wound channel (which will still be pretty small).