Marketing hype said that WSSM's get extra velocity due to a more efficient shape. Horsepuckey.
Not horsepuckey, fact. And the principle has been around for years. For one thing no one ever claimed the WSM's or WSSM's got more speed than conventional magnums, just that they came close, with less recoil and better accuracy.
The 308 was developed to use a shorter case, burning much less powder, with reduced recoil, yet at the time it was developed it delivered exactly the same speed as conventional 30-06 loads. The best modern 30-06 loads will always beat the best 308 loads. But if you compare the best loads of each, 308 burns about 20% less powder, gives about 97% of 30-06 speeds with about 20% less recoil and slightly better accuracy. This is due to a more efficient powder burn.
The 300 WSM compared to 300 WM does exactly the same. You get 98% of 300 mag speed, with about 20% less powder and 15-20% less recoil. It has also proven to be more accurate.
This gives hunters a couple of big advantages. You can carry an equal weight 308 or 300 WSM and have reduced recoil compared to 30-06 or 300 WM. Or you can choose to use a rifle about 1/2-3/4 lb lighter, with about the same recoil as a conventional weight rifle in the long actions.
On game no one will ever notice the 2-3% reduction in bullet speed, but too many people have used 308 to dispute the recoil reduction and improved accuracy. The 300 WSM is new enough that not as many have actually tried it side by side with 30-06 and 300 WM. I have, the round works as advertised.
I've been a 40+ year 30-06 guy, but switched to 308 several years ago for all of the above reasons. I was a serious doubter in 300 WSM, but ran across one cheap enough that I could flip at a profit. But after shooting it for a while won't ever go back to 30-06.
My 300WSM is the same size and weight as my 308, but beats 30-06 speeds by about 300 fps. Recoil is exactly 1/2 way between 30-06 and 300 WM. Realistically about the same as hotter 30-06 loads from lighter rifles.
The real question is, is it needed? I'll be the 1st to admit, my 308 will probably do anything I ever need to do. But just as the 308 family of cartridges are more efficient, so are the WSM family of cartridges.