I've never fired the AK47, only the AK74 and the AK101, but they were both perfectly serviceable at 300m. As a matter of fact, missing the shoulder and head target at 300m was automatic kitchen duty back in basic training, in '88.
I've used much more precise assault rifles... but they all had their problems - too much kick, too high of a rate of fire, and not one was nearly as easy to disassemble and clean as the good ole Kalashnikov.
For its purpose, the Kalashnikov is hard to beat at thrice the price. Of course, when money is no object there are many weapons that are simply better... if you ignore reliability, about which I have little to say, given that I had never the need to use a gun hard and put it away dirty.