I have one, it is an inland, never took it hunting though. Its going to act a lot like a handgun. As far as ethics go if you do end up hunting with it I would keep it pretty close (under 50 yds) and of course use soft points. With standard ball ammo you would definitely wound and have a runner on your hands. Federal makes soft points and recommends that you only use for smaller game and coyotes. That being said, my great grandfather used to hunt deer with a .32-20 (a pop gun compared to the .30 carbine). It was a different time, his family lived on deer meat and they only had that gun.
The big thing you would have to be sure of is shot placement. You have to hit vitals and hit them hard, the closer you are the harder it will hit. In my opinion I wouldn't do it unless I were really close, didn't have any other rifle and was pretty hungry however, lots of guys hunt with handguns. If you do end up using it go for high velocity soft points and become an absolute expert with that rifle. Treat it like a pistol that happens to have a stock on it.