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There are lots of cartridge we could make that argument about. The .40 S&W for one. The .357 Sig is another, since it's essentially a one-trick pony.
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Precisely my point, Bill. It's a niche cartridge, and it fills it well...but what can it do that another cartridge already in service can't do? The 7-08 may be be a "better" cartridge than the .308 Winchester...but I can find .308 at any Wal-mart or Bugville Gas, Grocery, and Gun shop in the middle of nowhere, and in good supply. Not so much with 7-08 in many places. The same comparison can be made between .327 and .357 Magnum.
The question remains:
"What is it for?"
All too often, the answer is:
"To sell."
I'm not bashing the round, and I wish it, and the revolvers chambered for it much success. In its intended niche, it shines...but it falls a little short in the "General Purpose" arena...which is a much better yardstick of a caliber's usefulness...and it will never match its big brother's "can do" place in the picture.