Can only get one!
http://merzantiques.com/photo/winchester-model-1895-rifle4
http://www.collectorsfirearms.com/winchester-1895-40-72-w7139/
What do you guys think?

No comparison! A 40-72 flatside in that condition is a no-brainer. It may be on the expensive side, but you aren't going to find one in much better condition.

I got one last year with the octagon barrel and not a flatside. I like the looks of the octagon barrel better, but in that condition, I would prefer the flatside...

Would you use your 40-72 for elk? Have you used blackpowder with it?

Love that flat 40! Wow, that is cool.

I haven't used it for elk, and it would certainly completely penetrate an elk, but these cartridges aren't as lethal as modern cartridges. I love hunting with them, and I have shot a lot of game with them, but continue to hunt elk with my 300 WBY...

I would likely spend time hunting the with whichever rifle I end up with. How is it to load for?

Wow, those are nice! I'm with Shrap on the flatside .40-72. The early flatside with non-locking lever is a rarer variation. The one thing that stands out to me on the .30-03 is the metal at the tang is proud to the wood, which is an indicator of sanding/refinish.
If elk were on the menu and given the limitation of the sights, the .40-72 is the one I'd choose.

I'm glad you mentioned the wood on the 30-03, I though it may have just been the picture but I do believe she's been "refreshed". The 40-72 looks unmessed with.

How about this one?http://merzantiques.com/photo/winchester-model-1895-rifle5
I was leaning towards the 30-03, but the stock refinish is bugging me a little. Being that I'm in Kuwait right now I won't be seeing the rifle until nearly next fall, so no 3 day inspection period for me.

40-72 no brainer. In that condition, it would be like going back in time and walking out of the general store with it.

Unless you're in love with the .38-72 cartridge, it looks a bit crusty for the price. For the same coin and elk on your mind I'd look at this one. http://merzantiques.com/photo/winchester-1895-405
That said, that flatside .40-72 is still the pick of the litter.

Shrapnel,that rifle looks great with venison by the way!

Well,,, you already know how I feel!!!! . Get them both!!!!!

Drat. Only one????

40-72! That one is a peach!!!