ORIGINAL: Ryan Campbell

To answer the question, as you asked, I'd go with the 30-06. At shorter distances the 7mm doesn't dump all it energy into the animal like the 06 does. This past year I had to track 3 different wounded deer and all 3 were hit, behind the shoulder, with a 7mag at fairly close range (under 100yds). The 7 is just going too fast at short distances to put all it's energy into the animal, it zips right through them and didn't knock them down. The 06 isn't as fast but it puts all it's energy into the animal and they go down.
Now at 400+ on an Elk, it's a different story. In that case I'd go with the 7 because it has slowed up a bit and will put enough shock into the animal to put him down.