Bull1870,
If you are only hunting deer I would recommend the 7mm-08, it is a great cartridge, particularly for a first gun of this type because recoil is not bad at all. The 308 can be a little more difficult to handle for some shooters (heavier bullets, more recoil). Either way you will probably find that your best results will come from handloads, with a faster burning powder. Some factory loads have excessive muzzle blast due to powders designed for longer barrels. Another option if you don't handload is to buy CorBon loads that are designed in these (and other) caliber specifically for short barrel "hand rifles".

Quilly,
Savage almost uses the same rate of twist for both rounds, they use a 1 in 10" twist for a 308 and a 1 in 9.5" for a 7mm-08. But, since this is a "hand rifle", as some call it, there will be a velocity loss from the short barrel which would limit the range on both calibers.

Steelshooter,
The only advantage I can tell that the contender has over the savage is the fact that you can change out barrels (which is a big advantage don't get me wrong). But for the price difference the Savage is a great gun, and will shoot with any contender/encore pistol that I have shot, and you are absolutely right the Contender/Encore is the #1 single shot pistol in the world, and it is a great gun, but the Savage isn't a single shot <img src=icon_smile_wink.gif border=0 align=middle>

Gordon

Sorry the post is so long, but I love to talk about the hand cannons<img src=icon_smile_big.gif border=0 align=middle>