I've hunted with both a '94 and an 1895. More so with the '94 and hope to take a black bear with my 1895 this spring.
The 1894 is lighter weight, better balanced and smooter to operate. In comparison the 1895 is heavier, the balance is farther back (in the action rather than at the joining of the action and barrel) and the 1895 I've hunted with (second model) has a much stiffer action.
That being said, I prefer the .30-40 to the .30-30 for bigger game. I think that in the west, the 1895 just wasn't around long enough to become as popular as it could have before bolt guns started to become the rage. It certainly saw more use in the Western half of the U.S. than the eastern half. Back east, the preference was for the 1894, namely because the caliber easily could be matched to the game (.30-30 WCF, .32 Winchester Special, .38-55 WCF) and the handling characteristics, as well as the longevity of it's use leant itself well to the region. Just my opinion though.