My .338 is a .338/06. Velocities are only about 100fps below the Magnum so results are very similar.
Knock down and impact reaction of deer is greater than witht the smaller roudns. Total damage is less than with the .30 and smaller magnums as the bullets are generally intended for larger game and don't expand as violently.
I typically see 2-3" exit wounds with the 180-210gr bullets I use.
If rifle was a light and handy as my Marlin 336 in .35 Remington, It'd be my pick for all around do-anything rifle.
Since it weighs around 9lbs (MkX mauser action w/Burris 3-9x) it is a gun-safe queen.
I prefer my Rem m7 in 7mm08 for a "walking" rifle. For very long ranges on "bean fields" or cut-overs and like, the .300RUM will get the nod till I loose interest in it. (Should'nt take long). I'm probably going to send it to Nevada with my younger brother when he comes east to visit next month. That way, I won't have to carry a gun on the plane when I go back to Colorado and hunt Mule deer and elk with him.
Enjoy your .338. I think you'll prefer it to the lighter magnums. They really are better all around rifles than they get credit for. Not as good a really long range (bullet drop), but when they strike, good things happen (for the hunter, not the hapless creature that gets hit).
Like others said, recoil isn't as bad as it's made out to be. If you regularily shoot a 12ga with heavier loads (waterfowl or turkey loads) recoil isn't a big deal. A fair bit more than a .30/06, but not much different than a 7mmMag or .300WinMag. But, not in the league with a .300Weatherby or .300RUM.