Mi.sabot,
I have been using the Shockwave (SST's) in 200/250/300 grain for about 6 years, I have never lost a deer with one and the furthest any have went was 60 yards. I have also used the 250 gr SST's in my 20 ga USH, very devastating results. The only one that didn't pass through was a 200 grain Shockwave over 100 grains BM'3 through both shoulders at 115 yards. It broke bone on both sides and stopped just under the hide on the off side. While cleaning up the bullet, the jacket seperated from the core, but it had already done it's job by then. IIRC the bullet weighed 130-135 grains or a little over 65%. No complaints here.
I also hunted with the Knight 250 grain PBT (Barnes TMZ) this year during the regular gun season in my Knight Disc Extreme MHC. This bullet has shot one hole groups in this rifle, so I just had to try them out on game. I shot a buck through both shoulders, 1/2" hole going in, 1-1/2" holes through both sides of the rib cage, about a 1" hole on the exit. Lungs were jellied, and am very happy with the performance.
I really can't compare the performance, both did there job, and I wouldn't be afraid to use either bullet again. I have read some stories of poor performance with the Shockwave/SST this fall, could have been a bad batch of bullets or something Hornady changed. I did read that these were the ones that have the new flex tip, all mine are the same old hard tips. I haven't seen the soft tips locally yet. I did buy some .45/40 SST's the other day that were packaged with a card that said they were the Flex-Tip, but they were not. I think the packaging got ahead of the bullets, and they are still getting rid of the old hard tipped SST's.