Look here, its almost a year and a half later and the .338 Federal still isn't dead. Looks like someone may have spoken to soon.
I have a Sako 85 Stainless .338 Fed with fancy French walnut stock, Talley mounts and rings, and a Zeiss Conquest scope (3-9x40 #20 reticule). The rifle is light, points nicely, it is well balanced, and i love shooting it. This particular rifle kicks less than several 30-06 i tried. The trigger is the best in the world, better than my Timneys. 2.5 punds and super crisp. The instant i think "shoot" somehow the rifle shoots, i don't feel any weight or creep on the trigger finger.
I use Nosler Custom brass, RL 15 powder (max charge), and Hornady 200 grain bullets. The rifle shoots 5 shots into 1.5" at 200 yards with little bullet drop. The barrel is so perfect that it never fouls with copper and it takes only 3 patches on a jag to clean. It only needs one fouling shot to settle and group.
In October i hunted heavy brush for deer. Nice weather, so i took the Sako. All the leaves were still up. I found a doe in a bedding area of heavy brush, at 40-50 yards. I could barely see her, mostly the hooves, she was walking slowly, i had 1 second to aim and shoot, i shot through brush, and she dissapeared. She was hit in the neck and had dropped on the spot. I looked for bullet impact in the area (this was a narrow steep ravine). After hitting the deer the bullet hit a 5" diameter tree and turned it into a 2" diameter tree. I would be confident shooting bear, moose, elk, or anyhting lese for that matter with this cartridge.
You guys fret too much about calibers. If i had a .338-06 or 8mm or .358, or .35 Rem, or 30-06 or... .303 or .300 Savage in a rifle that i liked, i would use that. They kill. Heck, people tell me that my 6mm Rem is an open country varmint rifle in a caliber that should have died, but i use it in heavy cover on deer and black bear and my friend shot a huge elk with it. I have it set for 100 gr. round nosed bullets at a slooow 2,650 fps. But, that rifle is less that 7 pounds with the scope, it fits me like a glove, and is lightning fast to aim and shoot. No animal shot with it has ever traveled more than 30-40 yards. The elk, shot in the heart/lungs, went about 25.
I don't care about the rest of the world. My .338 Federal is here to stay.