I've taken 3 deer, a moose, a wolf, and several coyotes with the round (a poorly sporterized M44 hangs in my barn for stray coyotes), and it is at least as capable as a .308 win with a bit more heavy bullet capability. I found this rifle at a garage sale for $50 complete with the ATI scope kit. Someone had chopped off the bayonet lug and bolt handle and stopped there. I use it for the aforementioned barn coyote and some especially rugged big game hunts involving canoes, ATVs, boats, snowmobiles, etc. My go-to load has been and still is the Hornady 174 RN. I've found it suitable for deer, and heavy enough for a big Northern MN moose on a tribal tag. I'd still use it for that purpose if the elder I was the designated marksman for hadn't passed a few years ago. For the varmint realm, the Barnes .310 frangible is really an eye opener. I believe the weight was 125ish grains. No personal experience, but I suspect the .310 Hornady V-max 123 grain would be outstanding in this use also.
I doubt we'll ever see a new rifle chambered for it in America, as it really doesn't do anything the 30-06 won't do, but in a properly outfitted rifle it is still a fine workhorse. If I didn't have such nice bolt actions, I'd be tempted to get a custom encore barrel in the cartridge.
With a proper rifle and bullet, it is capable of fine long range performance as well. With the Sierra or Hornady/Graf 174 BTHP in .311, I use a PU sniper replica to great effect in vintage sniper matches at 600 yards. A clean run in the 10 ring is not uncommon. With my PSL I have engaged 12x16" silo blocks to 1100 yards on a frozen lake using a variety of military ball it is especially fond of. With an upgraded optic, I wouldn't hesitate to use this rifle on long range game with the correct bullet.