Wolf = Cheap, Dirty, Jams on Occasion, Not reloadable
I shoot Wolf though my AR's, because it is cheap and abundant. I wouldn't use it ever in a self defense situation though. It requires a lot of cleaning afterwards also. I have had a few stuck cases, failure to eject, fail to oload etc, with it, but I think that all depends on the gun tolerances too. I have friends that run only wolf, and have never had a problem, but they may have a little looser chambers.
TheHuntingShack.com sells good brass range ammo, for about the same price as a case of wolf runs now, at least around here, so I will not be buying up much wolf in the future, unless it gets cheap again.
As for the guns, I have 4 bushmasters, and a DPMS 308, with more DPMS lowers, and a couple Charles Daly Defense M4S's coming also. I have not had any problems with any of them while running quality brass. I have shot Stag, DPMS, Olympic, Sabre, and several others, and all the major brands build quality guns. If I had the cash, I'd buy a POF Gas piston upper or a complete Sabre as the next gun. All depends on what you plan to do with it though.
If you know what you want in a gun, buy a quality lower, and then put it together with only the parts you want. You can also buy assempled uppers or rifle kits from places like M&A, Model 1, MidwayUSA, and Brownells, along with many other places. AR's are very simple, easy to build guns, that don't require too many special tools. There are nice how to's on several sites, just Google it. Also, the lower is the only part that has to go through an FFL, as it has the serial number, the rest you can pick up on the web or wherever.
If you arent sure yet on what you want, get a standard M4 style AR with a removable carry handle (A3 Upper) and a 16" Barrell and go out and shoot it. See what your buddies have on their guns, browse around on AR15.com, and make changes as you find out what you want. Only problem is that you are going to end up with an AR junk drawer full of Plastic handgaurds, A2 gas blocks, carry handles, etc.
My AR's
Bushmaster Modular
16" Fluted Chromo Heavy Barrel
Free Float 4 Rail BMAS (YHM) Handgaurd with Lo Pro Covers
CAA Tactical Grip (Similar to the Magpull MIAD, cant think of the name)
CAA Folding Foregrip (Battery Storage for Light)
M4 Collapsible Stock with CAA Cheek Saddles (Battery Storage for Aimpoint)
BMAS (YHM) BUIS Front & Rear
Surefire 6P (Old School) on CAA removable mount, want a Larue though
Old Laser of some sort, want a Wilcox PEQ7
Aimpoint Comp M2 Red Dot on Mil Mount
Bushmaster and Brownells Mags w/Magpul AT Followers and Ranger Floorplates
Magpull PMags if they ever show up
Bushmaster M4 Patrolmen (I think)
M4 Profile 16" Chomo Barrel (w/ M203 Groove)
Standard A3 Upper
Surefire 4 Rail front grip
Streamlight LED (Model??)
EOTech 553
M4 Collapsible Stock
DPMS LR-308
All stock with Leupold VX-III 4x12
Plus 2 More Stock (NIB) M4 Patrolmens and 2 Charles Daly DM4S and DM4
They are all very good guns, and very fun to shoot. If you are wanting an AR, find a good brand that you can actually get ahold of, and snatch it up, if its not exactly what you want, change it. Or go the lower route, and you can put it together as the money allows.