While there's little doubt that the .340 WBY is a very potent and long range cartridge.....and the Weatherby rifle is up to the task.....I look back on the days when I owned a .338 Mag.....( a M-70 BTW).....
Every time I took it to the range, it's recoil reminded me a lot of my .375 H&H.....and that's why I still have a .375 H&H.....and no .338 Win Mag.....
If you're a die hard bull elk hunter, the .340 just might be as good as it gets.....while I sure don't miss my .338 Magnum, I'll cheer you on with yours and n exchange I ask that you don't look down on the .30-06 I have found to be extremely adequate.
