Twycross, with respect, I'm afraid I'll have to disagree with you there, sir. They're just two different calibers with different windows of use that have a good sized overlap. The .270, as I'm sure you know, is based on the .30-'06 necked down. The case capacity is almost identical, so the energy of a 150g '06 load will of course be the same as a 150g .270 load. They'll both do a fine job on any deer that ever lived.
But suppose you're hunting swamps or thickets or close cover and might get a shot at a bear? Suppose, like our Member Keith Rogan, you're hunting on Kodiak Island for deer, but would like to have a bit more persuasion for the indiginous coastal browns of fame in the area? Well, at that point, you're going to want a 180g or better-- perhaps even a 220g load. Once you step up to the 180g '06 loads, you're doing things that the .270 can't quite do.
But perhaps I digress-- the thread title did say "Most overrated deer calibre." My point is that it does things as advertised.
Let's see: My vote for "Most Overrated Deer Caliber" has to be the .220 Swift. The Swift is a cartridge with a lot of energy that often makes kills on deer that are nothing short of
spectacular. But it's a hypervelocity .22, and when you hit a shoulder or a rib at Mach IV, it has an unfortunate tendency to create a horrible fist-size wound on a deer that runs off. I know-- I've seen it and had to help hunt for the results. All together, now: "The Swift is
NOT a deer caliber." There. I feel better.