It is definitely capable of sub MOA. The model I tested was a PIV, which has a shorter barrel than the PII, so I would have to guess that the PII might have slightly tighter groups even.
I always wanted one, but the price pushed me towards a Rem. 700, with the extra savings going to some custom work and a scope. However, if you can get a Steyr at a good price, definitely go for it.
I didn't have a chance to test it's cold shot capability over a long term.
