Dixie,
It is based on the .338 Win. mag. case, so it fits in a standard action length, with the magnum head size. The bolt face, and extractor will need to be opened up on an action set up for standard cartridges, i.e, 30-06, etc., and the action rails may need to opened a bit to allow proper feeding of the fatter cartridge, but most experienced smiths have no problem with this.
The round will basically duplicate the performance of the other .416 rounds out there by pushing a 400 gr. bullet at, or near 2400 fps., although because of it's smaller case capacity, it does it at somewhat higher pressure. It is a thumper, and with proper bullet selection, and placement, I'm certain will be effective on anything that bleeds.