I love the 338 Winchester for Elk, shoots flat enough for open country and is a perfect Elk caliber IMHO. I've used the .270 and 30 06 a lot with no problems but the 338 shines. My .338 is a little heavy for the "long walks".
BTW I've shot a couple of deer with the 338 and tracking is not a problem, usually about 3/4" with less meat loss than 270 Win.
