It's not the best deer cartridge in the world (lacks "smack"), but if you're selective in the shots you take -- ie: that classic broadside heart/lungs, or (maybe) a neck/head at close enough range to cleanly make a neck/head shot -- it'll git er done. Pick up the heaviest Barnes TSX's that'll stabilize in your twist rate, load it to the gills, and go git er dun.
But all that said -- if you haven't got a gun yet -- and you're wanting a deer hunting gun -- do yourself a favour and buy something in the 308 Winchester/30-06/280 Rem/etc,etc,etc class of cartridge. The first time you accidentally (or on purpose) hammer a deer in the thick part of a leg-bone and it still bang-flops instead of running off, you'll be glad you did.