It's a good one for sure. It can also be loaded down to 338-06 (and less) levels.
My "ideal" elk rifle is a 22" bbl'd M70 338 WM in a Bansner fiberglass stock with a fixed 6x scope on top. All up weight (scoped, with sling and rounds) 7.5 lbs.
Unfortunately I don't want to shoot or carry my "ultimate" elk rifle any more
358 Norma Mag. Same ballpark as the 338's - but with more panache! Is also an epically legendary cartridge across the pond but never really got the same attention in the States. I like it.