Penetration or expansion?

It really depends on the quarry you are going after with said airgun. Obviously if your shooting pest birds with a .22 you do not need penetration, so a highly expanding pellet like a predator polymag works awesome.... makes a hell of a pop. However if your talking big game like deer and pig with a big bore air rifle like a .40-50 caliber then I'm a firm believer in penetration. I don't think you necessarily need to have an expanding round when your already poking a .45 caliber whole in an animal. However if you can get the expansion and penetration all the better. 

As far as your question about if hollow points work in air rifles the answer is a resounding yes. First... air rifle ammo regardless of caliber are usually made of fairly soft lead which allows them to expand easier than your typical PB ammo. Second... most of your airgun ammo with hollow points also have very large hollow points for this same reason, it allows them to open up at lower velocities.

There is a wealth of info. out there, but it depends on the type of hunting you plan to do. AKA what specific animal you plan to hunt and what rig you plan to use.

Hope this was helpful.
 
This is probably a no-brainer, but shouldn't it be Accuracy, then penetration, then expansion?

For big game, given our subsonic speeds, I would add to the list, 'Exit'; as two holes are better than one. Accuracy, then Penetration, then Expansion (of the wound channel), then Exit. Exactly what the Lehigh Defense's Extreme Penetrator does as it cuts through making the wound channel, except without actually expanding the bullet.