IMO the 7mm-08 is damn near the perfect deer caliber for all of the reasons already posted. If one were to sit down and design a caliber specifically for deer (and deer sized game) hunting, I believe this is exactly what they would arrive at. From the factory, it has very similar ballistics to a 270 but in a shorted caliber and generally milder recoil. It has been stated that it has inherent accuracy since it is derived from the 308. The 7mm bullet is extremely popular as is the 308 case so hand loading options for the 7mm-08 are nearly infinite. One could easily work up loads that will work on just about anything!

I'm surprised actually that the 7mm-08 is not more popular. I think what happens is that people tend to just step up to the 308 because it's the head of that family and 308 factory ammo is a bit easier to come by.