Range and power is the same class as .308, recoil is milder. down side? Ammo is not as common as .308. Upside- "Honey, I can really save a lot of money reloading these 7mm-08 cartridges."
Personally, I think the 7mm Mauser, and some of the 6.5 rounds of years past are VERY under-appreciated. Accurate, hard hitting, and do not stomp the living bejesus out of the shooter. Yeah, I know your .499 Whackenstompen can kill a rhino at 900 meters. Most of us do not need to kill a rhino everyday- 900 meters or not- and would be happy for something that can knock Bambi's daddy on his butt at 250.