Mr Militiaman, there are two things you don't consider in your ballistic hair-splitting:
1. Yes, the 7mm Mag. does shoot flatter than the 30-06, but then so does a 220 Swift, 257 Weatherby, and a 264 Winchester. The problem with each of these is that they have a smaller diameter bullet. Sorry, but in my experience, given similarly constructed bullets at similar velocities, the larger bullet ALWAYS does more damage. As one fellow said: "The smaller bullet might expand, but the larger bullet won't shrink."
And in this day of affordable rangefinders, what difference does it make if one caliber shoot's 3" or 13" flatter at 400 yds. than another? If you know the distance of the target, is it any more difficult to hold, say, 10" above the desired point of impact than it is 18"? I think not. Unless of course you're just trying to sell your favorite "flat-shooting" magnum.
2. Sectional density. Back "in the day", a bullet with a S.D. of around .270 +/- was considered about what you needed for elk. This included, among others, the .277" 150 gr., the .284" 160 gr. ,and the .308" 180 gr. In this day of super premium bullets, sectional density means far, far less than it did 30 years ago. As a perfect example, my father whacked a rather large bull with his 338-06 and a 210 gr. Barnes "X". Even though it possessed an S.D. of only .263, it completely penetrated the bull side-to-side. As an even more extreme case, he used my 35 Whelen and a Barnes 225 gr. TSX loafing along at 2660 fps to shoot a bull in the rear end and the bullet penetrated from the butt to the right front shoulder while possessing an S.D. of "only" .251.
So, if the new stout bullets are constructed such that they give such hyper-penetration, then the larger diameter bullet would be the better, wouldn't it? After all, it will give the same penetration as the smaller bullet and make a larger hole.
I find it humorous that people continue to jump up and down sqealing that their 7mm Mags. are the Alpha and Omega where elk cartridges are concerned, while folks like Meeteetse continue quietly knocking over bulls year after year with the 308's and 30-06's.
35W