OK. Everyone viewing this thread has had ample warning. There is 15 seconds of warning at the beginning of the video, and the thumbnail is a warning. I think I have done what I can do to warn people.
[video=youtube;8Md2auCKQ4k]http://www.youtube.com/watch?v=8Md2auCKQ4k[/video]
Verdict: The M-18 is handier than an axe for the jointing/quartering process. Axes that are small enough to be useable one handed have a blade height (right term?) that is too narrow for the average Iowa guy to hit the target super-reliably. The M-18 is also extremely useful for skinning if you choke up.
For the gutting process, I did not use the M-18. I made my buddy do it because he had not gutted a deer in about 15 years and I wanted him to learn. I helped him when he got stuck, but the knife he chose to use for the process was a Bark River Gamekeeper. I'm fairly certain that I could accomplish the gutting process with an M-18, although I generally prefer a smaller knife for that process. If you wanted to make the 'Ideal' game chopper, the M-18 would be a great platform to modify.