baldhunter,
Due to the larger bore in a smaller case, the .338 Federal is capable of just about the same muzzle velocities, with the same-weight bullets, as the .30-06. Which is why I wrote in the first GUN GACK book that the. 338 Federal (like many other cartridges) approximates the .30-06. Of course, .338 bullets of the same weight as .308 bullets have a lower ballistic coefficient, when of the same make/design.
The .280 Remington Ackley Improved also does the approximate -30-06 thing with smaller-diameter, higher-BC bullets. The big differences between the .338 Federal and the .280 AI are BC and recoil: The .280 AI kicks harder but with the "right" bullets shoots flatter and drifts less in the wind. Which is also a general principle of ballistics, when necking various cartridges up and down.
So it depends on what you want. Out to about 250-300 yards the .338 Federal provides ballistics about like the .30-06, with somewhat less recoil. Of course, this is judged by muzzle velocity, but I have never found the magic killing power in .33-caliber bullets over .30 caliber bullets that some other hunters claim.
