Haven't read through all the responses, but obviously see a lot of repetition in the responses given. Something I haven't scene mentioned is you have to compare the cartridges mentioned in a similar platform as the orginal 30-06 mentioned.
I've got 2 very light 7mm-08's that I really don't find any different to shoot than my 1 1/2-2 lbs heavier 30-06.
Man, your avatar is... hypnotic...
Anyway, that's not my experience. My 7-08 is pretty light (M700 Mountain Rifle) and it's a significant step down in recoil from my heavier 30-06. That's with 140's in the 7-08 and 165's in the '06. They have the same laminate stock, other than the action length. The barrel on the '06 is sporter-profile (heavier).
With 120's in the 7-08, it's a pretty BIG step down in recoil.
At least that's how I percieve it.