The 7mm bullet to me is one of the best out there, and I would not trade a 7mm rem mag to buy a 7mmwsm to hunt with, but when I got a new one this year I got it made up in 7mmwsm I checked loaded ammo by Federal for the 7mmwsm 140gr, 3310 fps, I looked at Remington Ammo in 7mm Rem mag. 140gr 3175fps, and the Rem ulta Mag 7mm 3425 fps but I wanted a short action to keep weight down.and I like the short stubbies the just seem to be easy to get to shoot small groups.
My gun with reloads 7mmwsm 3300fps+ a little and I think with powders I used thats about it for velocity, and from what I have read on the 7mm mag with 140gr bullit high 3200, but the 7mm ultrawill be what stubblejumper noted 3600fps reloading,which is considerably more fps but at a cost,as I said earlyer lots of powder & recoil,