The .308 is a great choice for a hunting calibur whether it's deer or elk, or moose, it's a fantastic choice. I have shot itnsiderably over the years and found it to be a very , very good deer rifle at ranges exceeding 400+ yrds. I have shot match grade ammo in it, but do not recall all the particulars of those rounds as a friend of mine loaded them for me, i can tell you that they were 165gr bt. the other rounds that i have fired through it are a 168gr bthp match grade, and it is very deadly.
Lastly, as far as preformance at a great distance, take a look sometime at what the Army and Marine snipers are doing with them in Iraq and Afghanistan. That will tell you more about the preformance of the .308 then i can here in this forum.
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In the beginning was the 1911, and the 1911 was the pistol, and it was good. And behold the Lord said, "Thou shalt not muck about with my disciple John's design, for it is good and it worketh. For John made the 1911, and lo all of his weapons, from the designs which I, the Lord, gave him upon the mountain.
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