ORIGINAL: JeffS
I've never shot the .338 though I've always wanted one. We do have a .375 a friend of ours bought and can't shoot because he is afraid of the recoil. It is the same exact type you are asking about laminated stock an stainless barrel. If you can handle the recoil it is a excellent gun. Though you get a headache after several shots from it.
I have a 1H .375 H&H, (blue/walnut) and once owned a nice pre-64 M70 Super Grade in that chambering. While you do have to shoot it to get used to the recoil (it ain't no .30/'06!!), it is really not all that bad! The Model 70 was a *****cat, as it weighed 11.75 pounds loadedwith scope and sling!
While there is nothing wrong with the Howa, and .338 Win. is a good round, I'd opt for the .375 No. 1 because I prefer the Ruger No.1 (or any decent single-shot) over a bolt-action.