from the ADI site
.204R
40 GR. HDY V-MAX AR2219 0.204" 2.250" 23.0 3319 41500 psi 25.1 3639 55900 psi
40 GR. HDY V-MAX Bench Mark 2 0.204" 2.250" 24.0 3419 45200 psi 25.7 3646 55400 psi
40 GR. HDY V-MAX Bench Mark 8208 0.204" 2.250" 26.0 3586 48300 psi 27.3 3754 56300 psi
40 GR. HDY V-MAX AR2206H 0.204" 2.250" 26.0 3500 45500 psi 27.7 C 3741 56000 psi
40 GR. HDY V-MAX AR2208 0.204" 2.250" 26.0 3395 44100 psi 28.1 C 3647 55100 psi
.223
40 GR. NOS BT AR2207 0.224" 2.280" 20.5 3147 29400 cup 22.5 3601 49600 cup
40 GR. NOS BT AR2219 0.224" 2.280" 23.5 3376 34600 cup 25.5 3574 48000 cup
40 GR. NOS BT Bench Mark 2 0.224" 2.280" 25.3 3404 39600 cup 27.3 3666 51000 cup
40 GR. NOS BT Bench Mark 8208 0.224" 2.280" 25.0 3433 41500 psi 26.7 C 3659 50400 psi
40 GR. NOS BT AR2206H 0.224" 2.280" 25.0 3204 32100 cup 27.5 C 3573 44500 cup
40 GR. NOS BT AR2208 0.224" 2.280" 25.0 3310 34400 cup 28.0 C 3674 47200 cup
40 GR. HDY V-MAX AR2205 0.224" 2.205" 17.0 3080 34700 psi 20.0 3545 49500 psi
40 GR. HDY V-MAX Bench Mark 1 0.224" 2.205" 24.0 3350 39800 psi 26.0 3695 52800 psi
40 GR. HDY V-MAX AR2206 0.224" 2.205" 25.0 3260 36200 psi 27.5 C 3690 51200 psi
Westy from that i can see that the .204R will shoot a 40gr at 3754fps and the .223 the same weight bullet at 3695fps, as you say barely any difference in velocity but if you look at their trajectory there's more of a difference particularly in the wind, nearly 2 inches less drop and more than 5 inchs less wind drift at 300m
But let's face it, drop is not an issue if you know your cartridge and 300m is a fair way in the field shooting off the mirror or the bonnet
Chronos
the .204R shooting a 40gr Vmax chart looks like this
the .223R shooting a 40gr Vmax like this