I think the 300 is more versatile because the 165gr shoot as flat as the 140gr from a 7mm and the 200gr bullet from a 300 just plain hits hard and penetrates deep on elk. You can go 180gr and shoot pretty flat and hit hard.
If you don't need the rifle to play dual roles on deer and bigger game all of the time, the 7mm Rem Mag gives you great performance on deer in open country and at less cost. It can also work on elk with bullet weights in the 160gr and 175gr class. However, when it gets to the 175gr bullet, its almost no different than shooting a 30-06 with 180gr bullets.
