I'd pick the 30-06 if elk were on the plate. The 30 cal has heavier bullets and more importantly more cross sectional area which helps when the target gets bigger. No matter what anyone says, a 30 cal will always be better on larger game than a 7mm. This coming from a guy who's shot over 50 whitetails and a few other critters with a 7mm mag. It's a great round, but for versatility the 30-06 is the hands down winner.