Bob,
I would say that the RB is a good "compromise" bullet. It penetrates well, AND it deposits energy well.
I'm not arguing that roundballs are superior to high-tech bullets - the hi-tech stuff is indeed better. My point is that the sleek looks of a top-dollar jacketed bullet is mainly for the purpose of penetrating the atmosphere with greater efficiency than a roundball. What a lot of these companies are striving for is to get external ballistics superior to RB, but get terminal ballistics comparable to RB. They've succeeded quite well.
As you pointed out, another advantage of hi-tech bullets, is that they can "specialize" more. You can get extreme penetration, or extreme energy deposit. But the majority of high tech bullets sold fall in between these extremes. In terms of terminal ballistics they are more similar to a roundball than they are to their extremely specialized counterparts as mentioned above.
And if you read about the development of jacketed bullet technology, the writings are littered with concerns and problems with "impact" velocity. There is the worry of "what if the bullet doesn't expand at the impact velocity?" With the roundball this is not a big concern, because even if it doesn't expand, the terminal performance will be like a mushroomed bullet anyway. Better energy deposit than a full metal jacket, better penetration than a varmint bullet.
So, my point is not to say that the RB is superior to all other projectiles. My point is to say that the RB possesses terminal ballistics that hi-tech bullets would like to attain. That is, a good compromise of penetrattion AND energy deposit.
The beauty of the hi-tech bullet is they enjoy external ballistics that are far superior to the RB and at the same time they can retain the terminal ballistics of the RB. Plus there's the added bonus of the specialized bullets such as armor piercing and frangible.
But if you look at what the hi-tech stuff is all about, it's all about squeezing higher velocity so the shooter can increase his/her "point-blank" range. Basically if you look at what a .50 RB does inside 100 yards, the ammo researchers are just trying to get their bullets to do the same at 3 times that distance.
The reason we hunt with RB is not because they are superior, it is because they are inferior. And we derive greater satisfaction by succeeding in an endeavor using inferior equipment. I'm sure all of us on this board would feel quite proud if they successfully ran a marathon, yet no one here would brag about driving 26 miles. This is a perfect illustration of why using less, is "more".