PRO: It can easily be rebarreled to 338 Win Mag
I've considered that for my 110, but the 7 sits in the safe because it's a might much for deer and hogs in the brush. I don't hunt much out west anymore, have the time, but not the money or the endurance for rough country anymore. IOW I'm retired and old. LOL Would be kinda cool to have a .338, though.
OP asked about the round. I really thought about the 280 when I bought this gun. It was for western hunting and at the time I didn't have anything else, but a .257 Roberts which is a little light for elk (never got to go elk hunting, but that's another story). I decided I can always load a 7 mag down to 280 ballistics, but not the other way around. So, I got the big 7. Besides, I wanted to see if the belt was as evil as everyone seemed to think. Well, I found if you neck size the round and let it head space on the shoulder like a normal case, the belt is just there, doesn't matter, doesn't hurt anything.
Anyway, the round is flatter and delivers more energy down range than a typical .30-06 handload, but recoils about the same. I really like it. Better BCs than .308 caliber. It's a lot of gun, though, for those poor little Texas whitetails. I mean, I ain't THAT mad at 'em.
I'd load it lighter, but heck, I love my .308 that I have now, great little rifle and a lot lighter and shorter and more accurate (3/4 MOA) than the Savage. It's a Remington stainless M7.