I'm stealing this from Wikipedia, but from what I know about firearms, it rings true:
FMJ Advantages:
* Because FMJ bullets do not expand, they are more effective at piercing armor.
* They are more durable and withstand rough handling on the battlefield.
* Their rounded tips permit proper transit up the feed ramp, whereas the usage of hollow point bullets can cause failures to feed.
FMJ Disadvantages
Because FMJ bullets do not expand, they are much less likely to stop an enemy combatant. Hunters are, in some locations, not allowed to use FMJ rounds due to their perceived limited stopping power and propensity to ricochet.
Hollowpoints (jacketed or otherwise):
A hollow point, also called a hollow tip, is a bullet that has a pit, or hollowed out shape, in its tip, generally intended to cause the bullet to expand upon entering a target in order to decrease penetration and disrupt more tissue as it travels through the target. As a side effect, hollow-point bullets can offer improved accuracy by shifting the center of gravity of the bullet rearwards[1]. Jacketed hollow points (JHPs) or plated hollow points are covered in a coating of harder metal to increase bullet strength and to prevent fouling the barrel with lead stripped from the bullet. The term hollow-cavity bullet is used to describe a hollow point where the hollow is unusually large, sometimes dominating the volume of the bullet, and causes extreme expansion or fragmentation on impact
Check out the Wikipedia articles, they're pretty good.
BTW, I carry JHP in my guns for defense, FMJs or SWC (semi-wad cutter) for plinking and target practice.
Will